South African billionaire businessman Nicky Oppenheimer has seen the market value of his stake in the leading Egyptian healthcare services provider Integrated Diagnostics Holdings (IDH) rise by more than $2 million in the past 34 days.
Oppenheimer, one of the wealthiest men in Africa and the second richest man in South Africa, holds a significant 3.37-percent stake in IDH, a consumer healthcare group with active operations across the Middle East and Africa through its subsidiaries in Egypt, Jordan, Sudan and Nigeria.
His 3.37-percent amounts to 20,215,360 ordinary shares in the healthcare services provider, making him one of the single largest individual shareholders in the Hendi El Sherbini-led group.
The recent gain in the market value of his stake can be linked to the increased share price of IDH on the London Stock Exchange, as investors continue to bet on the group’s prospect of creating additional value in terms of profit and cash flow for shareholders.
As a result of the bullish sentiment toward the group’s financial performance, its share price has grown from $1.18 on Oct. 20 to $1.28 on Nov. 22. This translates to an 8.47-percent gain for shareholders.
On the back of the surge in the share price, the market value of Oppenheimer’s stake has increased from $23.85 million 34 days ago to $25.88 million as of the time of writing, amounting to a total gain of $2.02 million for the billionaire businessman.
The recent surge in IDH’s shares on the London bourse can be linked to its financial performance since the start of the year.
Recall that Billionaires.Africa reported that the leading consumer healthcare services group posted a 206-percent increase in profit in the first nine months of 2021.
Figures contained in its financial statement for the period revealed that profits surged from EGP375 million ($24 million) in 2020 to EGP1.15 billion ($73.05 million) in 2021.