South African billionaire Stephen Saad gains $21.1 million as Aspen shares soar

South African billionaire Stephen Saad, known for his pharmaceutical ventures, has solidified his status as one of Africa’s richest individuals. In just 17 days, his wealth surged by $21.1 million, driven by the rising market value of Aspen Pharmacare.

According to data tracked by Billionaires.Africa, the market value of Saad’s stake in Aspen has increased by R393.78 million ($21.05 million) within 17 days. This is credited to the recent increase in the retail bank’s shares on the Johannesburg Stock Exchange (JSE).

Aspen shares surge on strong financials

Aspen Pharmacare, a leading player in the specialty and branded pharmaceutical industry for over two decades, has seen its shares climb in recent weeks, reflecting strong financial performance and renewed investor confidence.

The stock has gained 3.2 percent since March 25, rising from R215 ($11.48) to R221.89 ($11.85). This uptick has pushed Aspen’s market capitalization above $5 billion, solidifying its position as a JSE heavyweight.

The surge coincides with Aspen exceeding analyst expectations in its first-half 2024 fiscal year results. Revenue for the six months ended Dec. 31, 2023, jumped 10 percent year-over-year to R21.1 billion ($1.11 billion), compared to R19.2 billion ($1.01 billion) in the same period of the prior fiscal year. This solid performance underscores the company’s strategic progress.

Aspen’s surge boosts Saad’s stake nears $680 million

Saad, founder of the branded pharmaceutical holding company in 1997, currently holds a 12.5-percent stake, representing 57,151,972 ordinary shares. This stake is valued at nearly $680 million, making him one of Africa’s wealthiest individuals.

The recent single-digit percent increase in Aspen’s share price has propelled the market value of Saad’s stake from R12.29 billion ($656.80 million) on Mar. 25 to R12.68 billion ($677.85 million) at the time of drafting this report.

This rise in Saad’s stake underscores his pivotal role in South Africa’s business landscape, placing him among the top investors on the JSE. It highlights his effective leadership and management skills, further solidifying his influence in the business arena.