Egyptian businessman Hani Berzi has recorded a significant boost to his net worth in the past 46 days, as the market value of his stake in Edita Food Industries rose by EGP341.65 million ($21.7 million).
As of press time, Dec. 17, shares in Edita, a leader in the Egyptian packaged snack foods market, were worth EGP8.2 ($0.521), 2.5-percent higher than their opening price yesterday.
Berzi, the current chairman and managing director of the consumer goods company, has seen the market value of his stake increase by more than 15 percent in the past 46 days.
The recent increase in the market value of his stake was caused by a surge in the share price of the packaged goods company, as investors bet on the company’s ability to deliver an impressive financial performance at the end of its current fiscal year.
This bullish bias spurred by investor interest in the company’s business model and its strategic expansion plans led its share price to soar by 16 percent from EGP7.07 ($0.449) on Nov. 1 to a record five-month high of EGP8.2 ($0.521) as of the time of writing.
Edita reported a 58-percent growth in its profit in the first nine months of 2021. This strong earnings growth came off the back of a double-digit increase in revenue driven by an increase in sales and pricing benefits thanks to a well-diversified product portfolio.
It recently signed a non-binding letter of intent to acquire the assets of Egyptian Belgian Company for Industrial Investments S.A.E.
In an effort to broaden its revenues and income lines and leverage opportunities coming from diversification, the Egyptian packaged goods company pumped investments worth EGP200 million ($12.7 million) to date in the Moroccan market, enhancing its first project in the country.
The 16-percent surge in Edita’s stock price on the Egyptian bourse caused the market value of Berzi’s 41.95-percent stake to soar by EGP341.65 million ($21.7 million) in 46 days.
Since Nov. 1, research conducted by Billionaires.Africa revealed that the market value of his stake has risen from EGP2.14 billion ($135.8 million) to EGP2.48 billion ($157.5 million) as of the time of writing.