Moroccan business tycoon and politician Adil Douiri has seen the market value of his stake in leading consumer goods group Mutandis SCA decline by MAD24.57 million ($2.68 million) since July 30.
As of press time, Nov. 16, shares in the group were trading at MAD246 ($26.83), unchanged from their opening price on the Casablanca bourse this morning.
Douiri, a venture capitalist who founded Mutandis as a packaged foods retailer in 2008, holds a 6.88-percent stake, or 550,176 ordinary shares, in the Morocco-based consumer goods group.
The multimillion-dollar loss in his stake can be linked to a double-digit drop in the group’s shares, as investors offloaded stakes and booked profits despite the robust financial performance that it delivered in the first nine months of 2021.
As a result of the sell-off, shares in the packaged food products manufacturer slumped by more than 15 percent from MAD290.65 ($31.7) per share on July 30 to MAD246 ($26.83) per share on Nov. 16.
Research conducted by Billionaires.Africa revealed that, as a result to the 15.4-percent decline in Mutandis’ share price, the market value of Douiri’s stake declined from MAD159.91 million ($17.44 million) on July 30 to MAD135.34 million ($14.76 million) as of the time of writing, accruing a loss of MAD24.57 million ($2.68 million) for the multimillionaire in 109 days.
In the first nine months of 2021, Mutandis posted MAD1.16 billion ($127.8 million) in revenue, as the consumer goods company benefitted from a strong growth in sales as domestic demand returned to normal levels in Morocco.
Compared with the company’s revenue of MAD1.04 billion ($114.6 million) in the first nine-month period of 2020, its consolidated revenue for the corresponding period of 2021 increased by 11 percent to MAD1.16 billion ($127.8 million), driven by a 30-percent surge in revenue in Q3 2021.