Tunisian multimillionaire Habib Essayeh gains $4.2 million as Euro-Cycles shares soar

Despite the impact of recent macroeconomic conditions on the value of equities and financial assets, as well as the sell-off of shares by investors, the market value of Tunisian businessman Habib Essayeh’s stake in Euro-Cycles S.A. has risen by millions of dollars in recent times.

Euro-Cycles is a Tunisian automotive company that specializes in the production of bicycles and cycles for export only. It makes beginner and midrange bikes to customer specifications.

Essayeh, the company’s CEO and the largest shareholder in Euro-Cycles with a 33.6-percent stake, has seen his stake’s market value rise by TND13.1 million ($4.2 million) in the past 97 days.

The $4.2-million increase in the market value of his stake puts him ahead of businessmen such as Moncef Mzabi, Ben Ayed Abdelwaheb, Selim Sellami, and Hedi Karim Sellami on the Tunis Stock Exchange.

According to data obtained by Billionaires.Africa, the market value of Essayeh’s stake has risen from TND88.54 million ($28.37 million) to TND101.64 million ($32.57 million) at the time of writing this report.

The increase in the market value of his stake is directly related to the 14.8-percent increase in Euro-Cycles shares on the Tunis Stock Exchange from TND29.6 ($9.5) on April 1 to TND34 ($10.9) on July 6.

The significant increase in Euro-Cycles’ valuation stems from significant growth in its operations, with the Tunisian automotive company achieving a turnover of TND37.07 million ($11.84 million) at the end of the first quarter of 2022, a 19-percent increase over the TND31.05 million ($9.93 million) it posted in the same period of 2021.

At the end of the first quarter of 2022, the company’s bank commitments totaled TND71.45 million ($22.84 million), a 12-percent increase over the previous quarter and a 97-percent increase over the corresponding quarter of 2021.