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Malawian banking mogul Hitesh Anadkat has recorded a MWK41-billion ($40 million) boost in his net worth since the start of the year, as shares in FMB Capital Holdings (FMB Capital) increased by nearly 60 percent following a stellar performance at the end of 2021.
FMB Capital is the Mauritius-based investment holding company of FMB Capital Group, which operates in Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.
Anadkat, who founded the leading financial services firm in 1995, owns 35.51 percent of the Port Louis-based firm, which translates to 872,924,575 ordinary shares.
At the time of writing, FMB Capital shares on the Malawi Stock Exchange were worth MWK126.93 ($0.124) per share, giving the Mauritius-based investment holding a market capitalization of MWK312 billion ($304.5 million).
Shares in the financial services group have risen from MWK80 ($0.078) at the start of the year to MWK126.93 ($0.124) at the time of writing, representing a 58.7-percent gain for shareholders.
As a result of the double-digit surge in the shares of FMB Capital, the market value of Anadkat’s 35.51-percent stake has increased by MWK41 billion ($40 million) in the past 184 days, rising from MWK69.84 billion ($68.1 million) to MWK110.8 billion ($108.1 million) at the time of writing this report.
The surge in the group’s shares since the beginning of 2022 has largely been driven by investor reactions to its 2021 financial results, which showed solid performance during the fiscal year.
According to data retrieved from its annual report, profit increased to $40.4 million in 2022, up from $21.3 million in 2022. The solid financial performance reflects the underlying robustness of FMB Capital’s banking operations.
During the period under review, the group’s loans and advances increased by 35 percent during the period under review, with all operations contributing to the growth.
Anadkat, who owns a significant stake in FMB Capital, is one of the wealthiest investors on the Malawi Stock Exchange.
Apart from FMB Capital Holdings, the Malawian businessman has a beneficial interest in Botswana-based microfinance corporation Letshego Holdings and Malawi’s pioneer telecom operator, Telekom Networks Malawi Plc.
