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Tunisian multimillionaire businessman and politician Moncef Sellami has seen the market value of his stake increase by a whopping TND24.53 million ($8.6 million) in 2021, as shares in One Tech Group surged by 15 percent.
One Tech Group is a global industrial player founded by Sellami in 1978. It operates in the automotive, energy and industry sectors and has more than 40 years of expertise in cable, mechatronics and ICT.
As of press time, Nov. 12, shares in the Tunisia-based industrial player were trading at TND13.8, 36-basis points lower than its opening price of TND13.85 on the Tunis Stock Exchange Fri., Nov. 13.
Since the start of the year, its stock price on the bourse has increased from TND12 ($4.2032) per share on Dec. 31, 2020 to TND13.8 ($4.8336) per share yesterday.
This translates to a 15-percent gain for shareholders.
As a result, the market value of Sellami’s 25.429-percent stake in the group has risen from TND163.56 million ($57.29 million) when the year began to TND188.1 million ($65.88 million), accruing total gains of TND24.53 million ($8.6 million) for the multimillionaire in 316 days.
The increase in the group’s shares since the beginning of the year can be linked to investors reacting to improved profitability in the group’s operations despite the impact of the global chip shortage on the operating environment.
Despite a 14-percent decline in profit at the end of its 2020 financial year, the group has delivered strong earnings growth in its operations since the beginning of the year.
In its 2021 first-half-year financial results, One Tech stated that it posted strong results across the board compared to 2020, as earnings returned to pre-COVID-19 levels.
Figures contained in the report revealed that the group’s profit surged by 41.4 percent in the first half of 2021 from TND316.5 million ($111.2 million) last year to TND447.4 million ($157.6 million).
