Egyptian businesswoman Hendi El-Sherbini loses nearly $20 million as shares retreat from three-year high

Egyptian businesswoman Hendi El-Sherbini has seen the market value of her stake in Integrated Diagnostics Holdings Plc (IDH) decline by $19.9 million since Sept. 8, 42 days ago, as shares in the Egypt-based healthcare group retreated from a three-year high.

IDH is a leading consumer healthcare group in the Middle East and Africa, with operations in Egypt, Jordan, Sudan and Nigeria.

It offers more than 1,400 international-standard diagnostics tests, with a branch network of 483 labs across four countries, making it the largest diagnostic provider in Egypt.

Moamena Kamel, who founded the group in 1979, holds a 25.5-percent stake in IDH through Hena Holdings. The holding and her stake in the group are controlled by her daughter Hendi El-Sherbini, who is also the group’s CEO.

The recent loss in the market value of her stake can be linked to a decline in the market price of the group’s shares, as investors book profits after the stock price surged above the $1.3-per-share mark.

In reaction to the growth in the group’s profits in the first half of 2021, its share price surged to $1.33 per share on Sept. 8, with investors pocketing significant gains from the movement.

Since Sept. 8, shares in the leading consumer healthcare group have fallen from a price of $1.33 per share to $1.2 per share at the closing of the London Stock Exchange this evening, Oct. 20.

As a result of the decline in stock price, the market value of El-Sherbini’s stake has fallen from $203.5 million to $183.6 million between Sept. 8 and Oct. 20.

This translates to a $19.9-million loss for the multimillionaire businesswoman in 42 days.

At the end of its 2021 half-year period, which ended on June 30, IDH recorded a revenue of EGP2,293 million ($146 million), up 141 percent from the EGP950 million ($61 million) in revenue that it posted during the comparable period last year.

Meanwhile, the group’s net profit expanded by 283 percent from EGP175 million ($11.1 million) in the first half of 2020 to EGP668 million ($42.6 million) in the corresponding period of 2021.