Egyptian businessman Hani Berzi has seen the market value of his stake in Edita Food Industries rise by EGP720 million ($29.1 million) in the past 30 days, as shares in the Egypt-based consumer goods conglomerate increased by more than 23 percent.
Edita Food Industries is a market leader in Egypt’s growing packaged snack foods market. The consumer goods group manufactures and sells a variety of branded snack products through its extensive retail channel, including packaged cakes, croissants, rusks (baked wheat), and wafers.
Berzi, who founded the consumer goods conglomerate in 1996 and presently serves as chairman and managing director, owns a significant 41.95-percent stake in the leading packaged foods manufacturer through Quantum Invest BV.
As of press time on Nov. 30, Edita shares on the Egyptian Exchange were worth EGP12.5 ($0.51) per share, 157 basis points lower than their opening price on the local bourse this morning, as some wary investors booked profits after shares surpassed the 50 cents per share mark.
Since Oct. 31, its share price has risen by 23.15 percent, from EGP10.15 ($0.41) 30 days ago to EGP12.5 ($0.51) on Nov. 30, as investors continued to pile up shares in the group after it delivered a record-breaking financial performance at the end of the first nine months of its 2022 fiscal year.
The market value of Berzi’s stake in the consumer goods conglomerate has increased from EGP3.08 billion ($125.4 million) 30 days ago to EGP3.8 billion ($154.5 million) at the time of writing this report, thanks to the double-digit surge in its shares on the Egyptian Exchange.
This translates to a total gain of EGP720 million ($29.1 million) for the Egyptian businessman, who is one of the richest investors on the Egyptian Exchange and one of the wealthiest men in the country.
Edita’s profit rose by more than 127.2 percent in the first nine months of 2022, from EGP277.4 million ($11.3 million) in the previous period to EGP630.2 million ($25.7 million), due to a double-digit increase in total packaged food items sold, with cakes being the primary contributor to volume growth.
