Moroccan multimillionaire Hakam Abdellatif has seen the market value of his stake in the Moroccan automotive group Auto Hall increase by MAD75.9 million ($8.4 million) in 56 days, as investors digest its half-year financial results.
Auto Hall is a Moroccan automotive group active in the distribution of multi-brand rolling stock in Morocco. The group has been operating in the automotive industry and marketing multi-make vehicles in Morocco for more than a century.
The group has over 16 brands in the automotive, mining and industrial, public works, agriculture, oils and filtration sectors. It operates 50 sites in its distribution network, placing it in the leading position on the Moroccan automotive market.
Abdellatif, who controls Auto Nejma, the exclusive distributor of Mercedes-Benz in Morocco, holds a beneficial ownership stake in Auto Hall through Hakam Abdellatif Finance SA.
The recent gains in his stake can be attributed to a 16.2-percent price surge in the shares of Auto Hall on the Casablanca Stock Exchange, as investors and bargain hunters acquired additional stakes in the group in reaction to the 129-percent increase in half-year revenue that the group posted in the first half of 2021.
As of press time, Sept. 27, shares in the Moroccan automotive group were trading at MAD104.60 ($11.61) per share, 10.45-percent higher than its opening price for the month.
Since Aug. 2, shares in Auto Hall increased from MAD94.70 ($10.51) per share to MAD104.60 ($9.99) per share at the time of writing, accruing a 16.2-percent gain for shareholders.
Meanwhile, the market value of shares held by Abdellatif has increased from MAD468.1 million ($52.0 million) to MAD544.1 million ($60.4 million) between Aug. 2 and Sept. 27.
This translates to a gain of MAD75.9 million ($8.4 million) in 56 days for the Moroccan multimillionaire.