One of Morocco’s affluent families, the Berradas, has gained MAD1.06 billion ($118.02 million) in the past 113 days from their equity stake in Morocco-based pharmaceutical company, Marocaine Ste de Therapeutique (Sothema).
Alongside the multimillionaire Tazi family, the Berradas control a significant stake in the leading drug manufacturer, jointly holding 27.4 percent of the company’s stock.
Sothema is a Morocco-based enterprise that specializes in the manufacturing and sale of medicine. It represents 35 client laboratories ranking among the global R&D leaders.
Mohammed Tazi founded the company in 1976. It is majority-owned by the Tazi and Berrada families.
The recent MAD1.06-billion, or $118.02-million, gain in their stake in the past 113 days can be attributed to investor buying interest in the Morocco-based pharmaceutical company surging amid improved financial performance in the first half of 2021.
During the first half of the year, Sothema experienced significant growth in sales compared to the same period in 2020.
In its half-year report, the company revealed that its turnover at the end of June 2021 amounted to MAD984.7 million ($110.0 million) compared to MAD 840.2 million ($93.5 million) in the first half of 2020.
The better-than-expected financial results triggered a 56-percent surge in the share price of the Morocco-based enterprise on the Casablanca Stock Exchange, up from MAD962 ($107.0) on June 1 to MAD1,500 ($166.9) as of press time, 3:58 PM (UTC), Sept. 22.
Meanwhile, the market value of the Berradas’ stake increased from MAD1.9 billion ($211.0 million) to MAD3.0 billion ($329.o million) between June 1 and Sept. 22.
This translates to a gain of MAD1.06 billion ($118.02 million) for the family in 113 days.
Aside from holding a beneficial stake in Sothema, members of the Berrada family also play leadership roles.
The family is represented in the company by Mohamed Karim Berrada, Bahia Berrada, Mohamed Amine Berrada, Halima Berrada and Lina Berrada.
