Mauritian businessman Pierre Guy Noel has recorded a MUR98.7-million ($2.3 million) boost to his net worth this year, as the market value of his stake in Mauritius’s largest banking group, MCB Group Limited, surged above $9.6 million.
MCB Group is Mauritius’ most extensive banking institution. The group operates under Noel, a multimillionaire who holds a beneficial stake amounting to 1,328,642 ordinary shares.
As of press time, Nov. 28, shares in the leading financial services group were worth MUR312.75 ($7.18) per share, 2.27-percent lower than its opening price on Fri., Nov. 26.
Since the year began, the bank’s share price on the Stock Exchange of Mauritius has increased from MUR238.5 ($5.48) on Dec. 31, 2020 to MUR312.75 ($7.18) , as investors sustained buying interest in the group in expectation of improved full-year financial results.
As a result, the market value of Noel’s stake surged from MUR316.9 million ($7.3 million) at the start of the year to MUR415.5 million ($9.6 million) as of the time of writing this report.
The Mauritian businessman has thus accrued total gains of MUR98.7 million ($2.3 million) since the year began.
The surge in MCB shares can be linked to investors reacting positively to the bank’s resilient financial performance during its 2021 financial year, which ended on June 30, 2021.
Figures contained in the group’s audited financial statement for 2021 revealed that profits in the period under review rose from MUR7.99 billion ($183.5 million) in 2020 to MUR8.24 billion ($189.2 million) in 2021.
As a result of this strong performance, the group’s total assets increased from MUR532.1 billion ($12.2 billion) to MUR683.1 billion ($15.7 billion), while the shareholders’ funds increased from MUR65.1 billion ($1.5 billion) to MUR72.8 billion ($1.7 billion).
During the year, the Mauritius-based financial services holding acquired a minority stake in Africa Mobile Networks Limited through its private equity subsidiary, MCB Equity Fund, in a deal worth $36 million.