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Moroccan real estate magnate Alami Lazraq has recorded a MAD57.05-million ($6.14 million) boost to his net worth since the start of the year, owing to a double-digit percentage increase in the share price of the Moroccan home builder, Alliances Developpement Immobiliere (ADI).
ADI is an active functioning member of Alliances Group, a Morocco-based holding company with a diverse portfolio of real estate interests across the country. Lazraq owns 51.7 percent of the corporation, or 11,410,669 ordinary shares, which are presently worth more than $51 million.
Shares in the Moroccan property developer were trading at MAD41.97 ($4.52) as of press time on Jan. 21, 1.87-percent lower than their opening price on the Casablanca bourse this morning.
Since the start of business and trading in 2022, the ADI share price has increased by 13.5 percent due to high purchasing interest on the local exchange, as investors secured positions in the firm in anticipation of an exceptional full-year financial performance.
According to research, ADI shares went from a price of MAD36.97 ($3.98) at the start of the year to MAD41.97 ($4.42) at the close of the local exchange, resulting in a 13.5-percent gain for shareholders since the year began.
Between Jan. 1 and Jan. 20, the market value of Lazraq’s stake climbed from MAD421.85 million ($45.41 million) to MAD478.91 million ($51.55 million).
This equates to a MAD57.05-million ($6.14 million) profit for the multimillionaire businessman since the start of 2022.
The gain in the value of his shares is nearly double the boost that he saw in 2021 when the market value of his shareholding increased by $3.75 million over the year.
