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The Naushad Merali family, one of Kenya’s wealthiest families, has experienced a remarkable surge in their fortune since the beginning of the year.
Building on their already extensive wealth, the family’s joint stake in Sasini Tea, an agricultural company, has surpassed the $30 million mark due to a recent surge in its shares.
Data tracked by Billionaires.Africa reveals that the market value of the Naushad Merali family’s stake has increased by Ksh1.25 billion ($8.87 million) since Jan. 1, rising from Ksh3.35 billion ($23.86 million) to Ksh4.6 billion ($32.74 million) as of June 27.
The surge in the market value of their stake solidifies the family’s position as one of the wealthiest in Kenya and the entire East African region.
The rise in the company’s shares, which pushed the market value of Naushad Merali’s family stake above $30 million, can be attributed to a 37-percent price surge in Sasini Tea’s shares on the Nairobi Securities Exchange.
Since the start of the year, the company’s share price on the local bourse has increased by 37.2 percent, from Ksh22.45 ($0.16) to Ksh30.8 ($0.22) at the time of reporting.
As a result, the group’s market capitalization has surpassed $50 million, cementing its position as the 21st most valuable publicly listed company in Kenya.
The surge in Sasini Tea‘s share price follows the release of the company’s financial results, which showcased a significant increase in profits during the review period.
Based on Sasini’s financial statement, the company’s net profit for the fiscal year ending September 2022 was Ksh1.17 billion ($9.45 million), more than doubling the Ksh573.2 million ($4.63 million) recorded in the corresponding period of the previous year.
With their remarkable gains in the stock market and increased profitability, the Merali family continues strengthening their financial standing, further establishing themselves as prominent figures in Kenya’s business landscape.
