Mauritian tycoon Arnaud Dalais has seen the market value of his stake in the Mauritius-based conglomerate CIEL Limited increase by MUR165.27 million ($3.86 million) in the past 20 days.
The recent surge in the valuation of his stake was spiked by bullish sentiment on the market as investors reacted to the group’s improved financial performance at the end of its 2021 financial year, which ended on June 30.
As a result of the triple-digit growth in profit, investors intensified buying interest in CIEL shares, causing its share price to increase from MUR5.58 ($0.1302) to MUR6.80 ($0.1586) between Sept. 29 and Oct. 19.
The 20-day-long price appreciation led investors to profit from a 25-percent rise in the value of their holdings in the Mauritius-based conglomerate.
According to research conducted by Billionaires.Africa, Dalais, the chairman of CIEL who holds a beneficial stake in the group, has seen the market value of his stake rise from MUR755.89 million ($17.63 million) to MUR921.16 million ($21.49 million) between Sept. 29 and Oct. 19.
This translates to a gain of MUR165.27 million ($3.86 million) for the multimillionaire in 20 days.
In addition, through his stake, the Mauritian businessman is expected to pocket a dividend of MUR6.8 million ($158,600) from the group’s full-year profit.
In its recent financial statement, CIEL disclosed that the group posted a profit of MUR446 million ($10.45 million) at the end of its 2021 financial year, which ended on June 30, as earnings rebound strongly from last year.
Compared with last year’s figures, profit for the year rose by 121.5 percent from a MUR2.18-billion ($51.2 million) loss in 2020 to a profit of MUR446 million ($10.45 million), as the group’s revenues remain below pre-pandemic levels.