Hitesh Anadkat, a prominent Malawian banker and successful businessman, has continued to experience a remarkable surge in his fortune, significantly augmenting the $44 million in gains he had already accumulated earlier this year, from Jan. 1 to May 5.
Since the start of this year, Anadkat has amassed $91.8 million through his shares in FMB Capital Group.
The 97.2-percent surge in FMB Capital’s share price since the year began has bolstered Anadkat’s wealth significantly.
The market value of his 35.51-percent stake in the group has skyrocketed by $91.8 million from MWK96.78 billion ($94.34 million) on January 1 to MWK190.9 billion ($186.1 million).
Hitesh Anadkat’s recent gains cement his status as Malawi’s richest investor
Headquartered in Port Louis, Mauritius, FMB Capital Group is an investment holding company operating across several African nations, including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.
Founded by Anadkat in 1995, the group has become a prominent player in the region’s financial landscape. Anadkat presently holds an impressive 35.51-percent stake in FMB Capital, which accounts for 872,924,575 ordinary shares.
The surge in the market value of Anadkat’s stake in FMB Capital, amounting to $91.8 million, firmly establishes his status as one of the most affluent investors on the Malawi Stock Exchange and positions him among the most prosperous businessmen in the country.
FMB Capital surges ahead with $62 million profit in 2022
In its 2022 fiscal year, FMB Capital Group reported a profit of $62 million, a significant increase from the previous year’s earnings of $40.4 million. A surge in interest income, which increased from $126 million in 2021 to $148.25 million, was the main driver of this significant growth.
The group’s impressive performance has translated into a 97.2-percent increase in share price since the start of the year, providing substantial returns to shareholders, including Anadkat.
FMB Capital’s market capitalization currently stands at MWK538 billion ($524.1 million), making it the fifth most valuable stock on the Malawi Stock Exchange.
As Anadkat continues to reap the rewards of his investments, his success inspires aspiring entrepreneurs and investors throughout the region.