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Moroccan multimillionaire Hassan Amor has suffered a MAD61.2-million ($6.7 million) loss in the past 11 days, as shares in Morocco-based IT services provider Microdata SA fell by nearly 10 percent as wary investors offloaded shares.
Microdata provides IT integration, support and consulting services.
The firm specializes in cloud, mobile computing and infrastructure virtualization. It was founded by Hassan Amor in 1991.
Amor, who holds a controlling stake in the technology firm, has seen the market value of his stake decline by nearly one-tenth of its value since Oct. 26, as investors sold down stakes in Microdata on the back of a 61.5-percent slump in the company’s Q3 revenue.
In a recent filing, Microdata disclosed that its revenue in Q3 2021 decreased by 61.5 percent from MAD150.4 million in Q3 2020 to MAD57.9 million in the corresponding quarter of 2021, causing year-to-date revenue to slump by 25.6 percent below the MAD425-million mark.
The decrease in the company’s revenue was caused by delays in computer hardware deliveries.
The delays were strongly impacted by disruptions in Microdata’s manufacturing and supply chain, which were heightened by a global shortage of semiconductors used in electronic equipment.
In reaction to the weak financial performance in Q3 2021, the share price of Microdata on the Casablanca bourse dropped from MAD699.9 ($77.05) on Oct. 26 to MAD635 ($69.9), accruing a total 9.27-percent loss for shareholders.
Research by Billionaires.Africa revealed that the market value of Amor’s stake has decreased from MAD660.3 million ($72.7 million) on Oct. 26 to MAD599.1 million ($66 million) at the time of writing.
This translates to a MAD61.23-million ($6.7 million) loss for the Moroccan multimillionaire in 11 days.
Despite the loss, Amor remains one of the richest investors on the Casablanca bourse through his equity stake in Microdata SA.
