Moroccan multimillionaire businessman Alami Lazraq has gained $6.32 million (MAD56.83 million) from his stake in Alliances Developpement Immobiliere (ADI) in 16 days. This comes as shares in the Morocco-based group rebound strongly.
ADI is Morocco’s largest home and hotel builder. Lazraq founded the company in 1994 to provide construction and real estate services.
It operates through numerous subsidiaries, building, marketing and managing commercial and residential assets and tourist properties.
Lazraq is the majority owner, with a 51.7-percent stake in the group.
The $6.32-million (MAD56.83 million) gain in his stake followed a 16-day increase in ADI’s share price.
Research conducted by Billionaires.Africa revealed that the market value of his stake has increased from MAD422.42 million ($46.97 million) to MAD479.25 million ($53.29 million) between Aug. 2 and 18.
As of press time, 12:00 PM (UTC), Aug. 18, shares in the Morocc0-based real estate group were trading at MAD42.00 ($4.67), 13.5-percent higher than its opening price for August and 16.8-percent higher than its opening price for the year.
The recent surge in the group’s shares follows a sell down of nearly 19 percent between June 22 and July 29 on the Casablanca bourse.
Since the beginning of August, renewed buying interest from investors and bargain hunters has sent the market price of ADI shares up by double digits, as the public digests its operating indicators for the first half of 2021.
The group disclosed that despite its challenging operating environment and the continued uncertainty emanating from the COVID-19 pandemic, it recorded a consolidated turnover of MAD737 million ($82 million) in the first half of 2021.
Compared with last year’s figures, this translates to an increase of 10 percent in its consolidated turnover.
A 51-percent increase in promotional operations spurred the group’s revenue growth in the first half of 2021.
The group’s sales in Morocco amounted to MAD538 million ($60 million) during the period and this represents 73 percent of its consolidated turnover of MAD737 million ($82 million) in the first half of 2021.