Sam Darwish, the U.S.-Nigerian telecom tycoon and founder of IHS Holdings, has experienced a remarkable boost in his net worth since the start of the year, thanks to a surge in the market value of his stake in the telecom infrastructure firm.
Data tracked by Billionaires.Africa revealed that the market value of Darwish’s stake in IHS Holdings has surged by over $40 million since January.
Founded in 2001 by Darwish himself, IHS Holdings has solidified its position as the largest telecom infrastructure group in Africa, Europe, Latin America, and the Middle East. Moreover, it ranks as the third-largest independent multinational tower company globally, based on tower count.
Presently, IHS Holdings’ shares are traded on the New York Stock Exchange (NYSE) at $9.04 per share, propelling the company’s market capitalization above $3 billion.
The surge in IHS stock on the NYSE has been impressive, with the share price surging from $6.15 to $9.04 since December 30, marking a significant 46.99-percent gain for shareholders since the beginning of 2023, resulting in substantial returns for investors.
The boost in the company’s shares has been particularly beneficial for Darwish, who holds a substantial 4.17-percent stake in IHS Holdings, amounting to 13,905,235 shares.
The surge in value has caused the market value of his stake to skyrocket from $85.52 million at the start of the year to $125.70 million at the time of writing.
Despite the exceptional surge in IHS shares since the start of the year, the company reported a 49.3-percent drop in its profit during the first quarter of 2023, going from $15.1 million to $7.66 million, while revenue witnessed an impressive 35.1-percent increase, rising from $446.13 million to $602.53 million.
Nevertheless, IHS Holdings remains optimistic and confident in achieving its goals for 2023. The company’s extensive tower network and strategic acquisitions have continued to position it as a key player in the global telecom infrastructure landscape.