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South African billionaire Christo Wiese is reaping the rewards of Invicta Holdings’ remarkable financial performance at the end of its 2023 fiscal year.
The surge in the company’s share price has not only delighted investors but also propelled the value of Wiese’s stake to nearly $30 million.
Over the past eight days, Invicta Holdings, a leading South African industrial products and services company, experienced a significant surge in its share price, witnessing a rise of nearly 5 percent.
The company’s shares climbed from R27.65 ($1.48) on June 20 to R29 ($1.55) at the time of this report, as investors responded favorably to its impressive financial performance.
The price surge has directly impacted Christo Wiese, who owns a substantial 19.23 percent stake in Invicta. As a result, the market value of Wiese’s investment in the industrial products and services company is now hovering close to the $30 million mark.
During the same period, Wiese, a notable shareholder in Africa’s largest retailer, Shoprite Holdings, and Premier Group, a leading fast-moving consumer goods company on the continent, witnessed an increase in the market value of his stake in Invicta.
His investment grew by R25.73 million ($1.37 million), surging from R530.91 million ($28.35 million) on June 20 to R556.64 million ($29.73 million) at the time of writing.
The recent surge in Invicta’s shares can be attributed to its impressive financial performance at the end of its 2023 fiscal year.
Invicta reported an eight-percent surge in revenue, while sustainable headline earnings per share increased by an impressive 33 percent. Additionally, the company improved dividends to shareholders by 11.1 percent.
Commenting on the group’s results, Invicta CEO Steven Joffe stated: “We were able to grow basic earnings per share from continuing operations by 18 percent, despite the challenges faced in the financial year.”
“A notable achievement for the year was our Singapore-based Kian Ann business, which had a standout performance, increasing sustainable headline earnings by 58 percent,” Joffe added.
