Tunisian tycoon Habib Essayeh has gained TND20.12 million ($7.12 million) in nearly five months from his stake in Euro-Cycles S.A., as shares in the bikemaker surged by double digits on the Tunisian bourse.
Euro-Cycles is a Tunisia-based automotive company specializing in the production of bicycles and cycles exclusively for export. It manufactures beginner and midrange bikes in compliance with the specifications required by customers.
Its product range includes categories ranging from classic city bikes to mountain bikes, among others.
Essayeh, who is the company’s CEO, holds a beneficial 33.6-percent stake in the bikemaker, making him the largest shareholder in the Tunisia-based automotive company.
Since June 1, the company’s shares on the local bourse have increased from a price of TND28.07 ($9.93) on June 1 to TND34.80 ($12.32) on Oct. 18.
The bump in the share price is a reaction to Q2 financial results, as its resilient financial performance for the period led investors to intensify buying interest in the bikemaker.
The recent jump in Euro-Cycles’ shares pushed up the total wealth that he derives from his stake by 24 percent. This translates to a gain of TND20.12 million ($7.12 million) for the multimillionaire in 139 days, or nearly five months.
Research conducted by Billionaires.Africa revealed that the market value of Essayeh’s stake has risen from a valuation of TND83.92 million ($29.70 million) on June 1 to TND104.04 million ($36.82 million) at the time of writing.
In Q2 2021, sales at Euro Cycles totalled TND70.1 million ($24.81 million). This represents an increase of 55.2 percent from the TND45.18 million ($15.99 million) in sales that it recorded in Q2 2020.
For the year ending December 2020, the company reported sales of TND119.82 million ($42.4 million), or an increase of 36.8 percent from 2019, when it recorded TND87.60 million ($31 million).