Table of Contents
Key Points
- James Mwangi’s Equity Group stake surged $17.57 million in 2024, climbing 34.5% amid robust earnings and market gains.
- Equity Group’s profit rose 13.09% to $317.4 million for the first nine months, driving its market cap beyond $1.3 billion.
- Foreign investors in Equity Group gained 62.94% YTD returns, boosted by a stronger Kenyan shilling and stock rally.
James Mwangi, Managing Director and CEO of Equity Group has recorded a substantial increase in the market value of his stake in the financial services conglomerate this year, fueled by a strong rally on the Nairobi Securities Exchange (NSE).
James Mwangi’s stake surge by $17.57 million in 2024
Mwangi, a top figure in the East African financial services industry, currently holds a 3.39 percent stake in Equity Group, equating to 127,809,180 shares. In 2024, the market value of his stake increased by Ksh1.51 billion ($17.57 million), solidifying his position as Kenya’s wealthiest banker.
Thanks to a 34.5 percent surge in the company's stock this year, Mwangi’s stake has grown from Ksh4.37 billion ($27.91 million) to Ksh5.88 billion ($45.47 million). This comes amid significant market volatility on the Nairobi Securities Exchange (NSE). From Oct. 1 to Nov. 15, Mwangi’s stake rose by $5.53 million, climbing from Ksh5.67 billion ($43.74 million) to Ksh6.38 billion ($49.27 million).
Equity Group’s stock up 34.5%, boosting market cap
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.
The bank’s profit for the first nine months of 2024 surged 13.09 percent to Ksh40.94 billion ($317.40 million), up from Ksh36.2 billion ($280.67 million) in the same period last year, driven by its diversified regional footprint.
Equity Group’s strong financial performance has driven its share price up by 34.5 percent on the NSE since Jan. 1, climbing from Ksh34.2 ($0.265) to Ksh46 ($0.356). This surge has lifted the company’s market capitalization beyond $1.3 billion, delivering significant returns to shareholders.
Your Money and Your Life
Equity Group has solidified its position as one of the top performers on the NSE in 2024, with its shares surging 34.5 percent year-to-date. The rally reflects investor confidence in the financial services giant, bolstered by robust earnings and a favorable economic environment.
A stronger Kenyan shilling has amplified the Equity Group's returns to 62.94 percent for foreign investors. As a result, a $100,000 investment in the company’s stock at the start of the year would now be worth $163,302, delivering a profit of $63,082.
