Key Points:
- Hani Berzi’s wealth surged by EGP621.8 million ($12.9 million) due to gains in Edita Food Industries’ stock.
- Edita Food Industries’ shares rose 7.4% recently, boosting market capitalization to nearly $450 million.
- Despite gains, Edita Food shares are down 4.4% year-to-date, with investors facing over 35% loss due to currency devaluation.
Egyptian businessman Hani Berzi has experienced a substantial boost in his wealth over the past 23 days, primarily attributed to his investment in Edita Food Industries, a leading player in Egypt’s packaged snack food market.
According to data tracked by Billionaires.Africa, Berzi’s stake in Edita Food has increased by EGP621.8 million ($12.9 million) over the past 24 days. This marks a significant recovery from a previous decline between May 28 and June 10, when Berzi’s stake in the company fell by EGP 752.24 million ($15.76 million).
Edita Food Industries’ market performance
Edita Food Industries leads Egypt’s expanding packaged snack food market. The company produces and distributes various branded snack items such as cakes, croissants, rusks, and wafers through its broad retail network.
Recently, the company’s shares on the Egyptian Exchange surged by 7.4 percent, from EGP27.75 ($0.58) to EGP29.8 ($0.62). This increase has pushed the company’s market capitalization closer to $450 million, yielding significant gains for shareholders, including Berzi.
Hani Berzi’s stake and wealth impact
One of Egypt’s leading business figures, Hani Berzi, who founded Edita Food Industries in 1996 and serves as its chairman and managing director, holds a 41.95 percent stake through Quantum Invest BV, representing 303,323,015 ordinary shares
Due to the recent share price surge, the market value of Hani Berzi’s stake in Edita Food has increased by EGP621.8 million ($12.9 million), rising from EGP8.42 billion ($174.8 million) on June 9 to EGP9.04 billion ($187.7 million). This spike further cements Berzi’s status as one of the wealthiest investors on the Egyptian Exchange and one of the richest individuals in Egypt.
Your Money and Your Life
Despite recent gains, Edita Foods shares have faced challenges this year, declining by 4.4 percent year-to-date in local currency terms. Factoring in the recent devaluation of the Egyptian pound, the decline exceeds 35 percent.
Investors who entered the market at the beginning of 2024 are experiencing significant losses. A $100,000 investment in Edita Food at the start of the year would now be valued at $65,000, reflecting a substantial loss of $35,000.
