Home » Moroccan business tycoon Adil Douiri loses $2.68 million in four months as Mutandis shares slump

Moroccan business tycoon Adil Douiri loses $2.68 million in four months as Mutandis shares slump

by Mfonobong Nsehe

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.

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.