Egyptian multimillionaire businessman Safwan Thabet has seen the market value of his stake in leading food manufacturer Juhayna Food Industries (Juhayna) increase by a whopping EGP972.91 million ($31.48 million) in the past 32 days thanks to a double-digit surge in the company’s shares.
Juhayna is a homegrown company with business interests and investments in the production, processing, and packaging of dairy, juice, and cooking products. The company operates in five business segments in the food-processing industry and agro-allied segment.
One of North Africa’s leading businessmen in the consumer goods industry, Thabet, who founded the Egypt-based food product manufacturer nearly 38 years ago, owns a majority 50.07-percent stake in the company through Pharon Investments Limited.
Since the past 32 days ago, Juhayna Food Industries’ shares on the Egyptian Exchange have surged by 16.45 percent, climbing from EGP 12.46 ($0.403) since Oct. 4 to EGP 14.51 ($0.4696) at the time of writing, thus leading to gains amounting to millions of dollars for its shareholders, including the affluent Thabet.
Safwan Thabet’s stake in Juhayna is now worth $220 million
As a result of the double-digit percent surge in the group’s share price, the market value of Thabet’s stake has increased by EGP972.91 million ($31.48 million) from EGP5.91 billion ($191.36 million) on Oct. 4 to EGP6.89 billion ($222.85 million) at the time of writing.
The recent surge in the share price of Juhayna and the market value of his stake can be linked to investors’ renewed buying interest driven by the food manufacturer’s resilient financial performance in 2023.
The surge in the market value of his stake cements his position as one of the wealthiest investors on the Egyptian Stock Exchange. Since the start of the year, the market value of Thabet’s 50.07-percent stake is up by 51.3 percent, which translates to a year-to-date gain of more than $75 million.
