Moroccan Prime Minister and leading businessman Aziz Akhannouch recorded a MAD1.66-billion ($179.5 million) boost to his net worth in 2021 from his stake in Afriquia Gaz.
Afriquia Gaz SA is a Morocco-based group engaged in refining and marketing liquefied petroleum gas. It also offers high-performance energy solutions covering domestic and professional needs.
The group is 30-percent owned by Akwa Group, a conglomerate led by Akhannouch.
Throughout 2021, Akhannouch gained $179.5 million from his stake in the group. The gains can be attributed to the double-digit surge in the group’s share price on the Casablanca bourse for the year.
Since the start of 2021, the share price of Afriquia Gaz on the local bourse increased from MAD3,690 ($398.89) on Dec. 31, 2020 to MAD5,300 ($572.93) on Dec. 31, 2021.
This led to a 43.6-percent gain for shareholders in 365 days.
As a result of the surge in the group’s shares, the market value of Akhannouch’s stake increased from MAD3.81 billion ($411.35 million) at the start of 2021 to MAD5.47 billion ($590.83 million) at the end of the year.
This accrued total gains of MAD1.66 billion ($179.5 million) for the businessman in 2021.
The multimillion-dollar surge in the value of his stake in 2021 can be linked to sustained buying interest in the group’s shares, as investors continued to bet on its financial performance.
Afriquia Gaz posted strong growth in its revenue in the first nine months of 2021, as the resurgence in oil demand led to an increase in oil and gas prices on commodity markets.
Figures contained in the group’s activity indicator for the third quarter of 2021 revealed that its revenue increased by 22.5 percent to MAD5.2 billion ($567.2 million) in the first nine months of 2021, up from MAD4.3 billion ($469.2 million) during the corresponding period of 2020.
The robust top-line performance confirmed the group’s achievement of its annual target, as it deployed new strategies to sustain growth in revenue moving forward.