Tunisian business magnate Abdelwaheb Ben Ayed, renowned as one of the country’s wealthiest businesswomen, has suffered a significant setback in the market value of his stake in Poulina Group, following a sustained decline in its share price on the Tunis Stock Exchange.
According to data tracked by Billionaires.Africa, the market value of Ben Ayed’s stake in Poulina has plummeted by TND8.26 million ($2.68 million) since the start of this year.
Poulina Group, a well-established Tunisian conglomerate with diverse interests in real estate, public works and infrastructure, wood, home appliances, and mass consumer products, has been grappling with the decline in its share value.
As a leading business executive who played a pivotal role in expanding Poulina Group, Abdelwaheb Ben Ayed owns a beneficial 3.4-percent stake in the Tunis-based conglomerate, making him one of the richest investors on the Tunis Stock Exchange.
However, since the start of the year, the share price of Poulina Group on the Tunis Stock Exchange has declined by 15 percent, falling from a price of TND8.78 ($2.850) on January 1 to TND7.43 ($2.412) at the time of writing.
As a result of the double-digit percent slump in the group’s share price, the market value of Abdelwaheb Ben Ayed’s stake in Poulina has shrunk by TND8.26 million ($2.68 million) since the beginning of the year, plummeting from TND53.73 billion ($17.44 million) on Jan. 1 to TND45.47 million ($14.76 million) on July 30.
Notably, the recent decline in the group’s shares on the Tunis Stock Exchange comes despite the conglomerate demonstrating impressive resilience in the first quarter of 2023, capitalizing on its broad operation.
During the first quarter of its 2023 fiscal year, Poulina declared a remarkable seven-percent increase in revenue, reaching TND976.77 million ($321.15 million), compared to TND916.64 million ($301.4 million) in the previous year’s first quarter.
The growth was primarily driven by a combined effect of a six-percent rise in local sales, totaling TND853.4 million ($280.5 million), and an eight-percent increase in export sales, amounting to TND123.4 million ($40.6 million).
The company’s outstanding performance can be attributed to its capability to seize new market opportunities, foster strong relationships with existing customers, and manage production processes with great proficiency, enabling it to meet the demands of customers effectively.
