South African billionaire Nicky Oppenheimer has lost more than EGP23.05 million ($1.23 million) in the value of his stake in the Egyptian consumer healthcare firm Integrated Diagnostics Holdings (IDH) since the beginning of the year, as the company’s shares fall by single digits.
Oppenheimer, one of Africa’s wealthiest billionaires and South Africa’s second-richest man, owns a sizable 3.37-percent stake in IDH, a consumer healthcare company with subsidiaries in Egypt, Jordan, Sudan, and Nigeria.
The leading consumer healthcare group, which made a fortune in profit in 2021, ranks as Egypt’s largest diagnostic provider, with sales exceeding EGP5 billion ($270 million) in 2021, boosted by high demand for COVID-19-related tests, which accounted for 51 percent of consolidated net sales.
As of press time on June 19, IDH shares were worth EGP19.1 ($1.081) per share, unchanged from their opening price on Friday, as buying and selling pressures were evenly distributed.
The market value of Oppenheimer’s 3.37-percent stake has dropped from EGP409.16 million ($21.85 million) at the start of the year to EGP386.11 million ($20.62 million) at the time of writing, resulting in a total loss of EGP23.05 million ($1.23 million) for the South African billionaire.
The reduction in the market value of his stake is due to a drop in the price of IDH’s share from EGP20.24 ($4.9) at the start of 2022 to EGP19.1 ($1.081) at the time of writing this report, resulting in a 5.6-percent loss for shareholders.
Despite a year-to-date decline in the market value of his IDH stake, Oppenheimer’s net worth has increased by $750 million to $8.7 billion since the start of the year, owing to his well-diversified investment portfolio managed by Stockdale Street and Tana Africa Capital.