Tunisian automobile tycoon Moncef Mzabi has gained TND20.9 million ($7.5 million) from his shares in Automobile Reseau Tunisien and Services SA (ARTES) as the shares in the automobile retailer surge by double digits.
The $7.5-million gain in his stake was due to a 52-percent surge in the share price of ARTES on the Tunis Stock Exchange.
As of press time, 4:43 PM (UTC), Sept. 17, the company’s shares were trading at TND6.51 ($2.326), five-percent higher than its closing price on Sept. 15.
ARTES is a Tunisia-based automobile retailer established after Mzabi and his brothers Mzoughi and Sadok acquired Renault Tunisie in 1997.
ARTES competes with renowned automobile companies and retailers such as Ennakl Automobiles and City Cars in Tunisia.
Since 1997, it has grown into a leading seller of vehicles under the Renault and Nissan brands. It also provides related spare parts and maintenance and repair services.
At the end of the 2020 financial year, it recorded a net profit of TND22.7 million ($8.10 million), up by 3.5 percent from the TND22 million ($7.85 million) that it posted in 2019 despite the impact of the COVID-19 pandemic on its operating environment.
Since April 30, 140 days ago, its share price increased from a valuation of TND4.28 ($1.529) to TND6.51 ($2.326) today, Sept. 17, accruing a 52.1-percent gain for shareholders.
Mzabi, the company chairman, holds a 24.5-percent stake in ARTES and has seen the value of his holdings rise by TND20.9 million ($7.5 million) in 140 days.
Research conducted by Billionaires.Africa revealed that the market value of his stake increased from TND40.1 million ($14.3 million) on April 30 to TND61 million ($21.8 million) at the time of writing.