South African billionaire Saltzman family gains $42 million in 25 days

Yusuf Abdulfatai -

The South African billionaire Saltzman family, which includes Lynette and Ivan Saltzman, has made a substantial recovery from their earlier losses this year, thanks to the exceptional performance of their stake in Dis-Chem Pharmacies, a Gauteng-based healthcare group.

Data sourced from the Johannesburg Stock Exchange (JSE) indicates that the family’s stake in Dis-Chem has surged by $42 million over the past 25 days, effectively making up for the losses incurred earlier this year when the company’s shares witnessed a dip amid amplified selling pressure on the local bourse.

Since March 15, Dis-Chem shares have experienced an impressive increase of 7.96 percent from R24.26 ($1.342) 25 days ago to R26.19 ($1.45) at the time of writing, which has consequently boosted the company’s market capitalization to a level above $1.2 billion.

The Saltzman family has benefited from this upward trend, with the market value of their stake in Dis-Chem rising by an impressive R750.3 million ($42 million) from R9.43 billion ($521.56 million) on March 15 to R10.18 billion ($563.05 million) on April 9.

The impressive $42-million increase in the market value of the Saltzman family’s stake in Dis-Chem has further solidified their already established position among the richest families in South Africa.

Dis-Chem Pharmacies is a distinguished healthcare and pharmacy retail group that was founded in 1978 by Lynette and Ivan Saltzman, who presently own a beneficial 45.2-percent stake in the company.

Over the years, Dis-Chem has grown to become the leading retail and healthcare group in South Africa, providing a range of services including linked dispensaries, family clinics, wound care clinics, and comprehensive self-medication centers.

In a recent update, Dis-Chem reported an 8.7-percent increase in revenue, excluding vaccines and COVID-19-related lines, during the period between Sept. 1, 2022, and Feb. 5, 2023, due to the normalization of shopping patterns.

Its online retail division saw its retail revenue, also excluding vaccines and COVID-19-related lines, climb by 7.5 percent, while the wholesale division’s revenue grew by 8.6 percent after increased sales to its own retail stores and higher external customer revenue.