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Key Points
- Equity Group’s stock has surged 13.9% since August 8, boosting James Mwangi’s stake by Ksh683.78 million ($5.3 million).
- Year-to-date, Equity Group shares have rallied 30.31%, making it the second most valuable company on the Nairobi Securities Exchange.
- Equity Group reported a profit of $229 million for H1 2024, a 12% increase from the previous year, driven by strategic diversification.
Kenya's richest banker, James Mwangi, the Managing Director and CEO of Equity Group, has recorded a substantial increase in the value of his stake in the leading financial services conglomerate, thanks to a recent rally on the Nairobi Securities Exchange (NSE).
Mwangi, who holds a 3.38 percent stake, equivalent to 127,809,180 ordinary shares, has seen his investment rebound by Ksh683.78 million ($5.3 million) over the past seven weeks.
This is a welcome recovery following a notable decline of $5.5 million between July 9 and August 8, when the value of his shares fell from Ksh5.62 billion ($43.56 million) to Ksh4.91 billion ($38.06 million).
Equity Group’s stock up 13.9%, boosting James Mwangi’s stake
Equity Group has emerged as a powerhouse in East and Central Africa under James Mwangi’s leadership, marked by a strong strategic vision that has enabled the bank's expansion across multiple countries, including Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of Congo.
In its latest financial results, Equity Group reported a profit of $229 million for the first half of 2024, a 12 percent increase from the Ksh26.3 billion ($203 million) reported during the same period in 2023, thanks to strategic diversification across the region.
The strong earnings report has driven Equity's share price up by 13.9 percent on the NSE since Aug. 8, rising from Ksh38.5 ($0.3) to Ksh43.85 ($0.34). This increase has bolstered its market capitalization to over $1.2 billion, delivering substantial returns to its shareholders.
As a result, Mwangi's stake in Equity Group has increased by Ksh683.78 million ($5.3 million) over the last 7 weeks, rising from Ksh4.92 billion ($38.16 million) on Aug. 8 to Ksh5.62 billion ($43.61 million).
Your Money and Your Life
Equity Group shares have risen 30.3 percent year-to-date, making it the second most valuable company on the NSE. Foreign investors have seen a total return of 58.3 percent this year, aided by a stronger Kenyan shilling against the U.S. dollar.
An investment of $100,000 in the bank's shares at the start of 2024 would now be worth about $158,260, highlighting the significant gains for shareholders during this period.
