Egyptian multimillionaire businessman Medhat Khalil has recorded an EGP660.2-million ($42.05 million) gain in the past 15 days from his stake in Raya Holding.
Raya Holding is an Egypt-based investment conglomerate born out of the 1999 merger between entities owned by Egyptian businessman Medhat Khalil and Protech, Orascom Group and Oratech.
Khalil presently holds a majority 58.1-percent stake in the group.
The multimillion-dollar gain in his stake in the past 15 days was due to a 23-percent increase in the share price of Raya Holding on the Egyptian Stock Exchange.
The double-digit surge in the share price can be linked to investor buying interest as they mopped up shares in the holding in expectation of an improved financial performance at the end of 2021.
Bullish investor bias regarding the group’s financial performance has been supported by the strong growth indicated in Raya’s first half-year report.
Figures contained in the report revealed that the holding’s financial performance improved from a loss of EGP95.53 million ($6.07 million) reported last year to a profit of EGP151.9 million ($9.66 million) in H1 2021.
The improved performance was delivered on the back of a 73-percent surge in revenues from EGP4.77 billion in 2020 to EGP 8.27 billion in H1 2021.
Since Oct. 25, the group’s share price has increased from EGP2.32 ($0.14776) to EGP2.85 ($0.18152) on Nov. 9. This translates to a 23-percent gain for investors in 15 days.
Meanwhile, the market value of Khalil’s stake in the holding has risen from EGP2.9 billion ($184.06 million) on Oct. 25 to EGP3.55 billion ($226.11 million) on Nov. 9, accruing a total gain of EGP660.1 million ($42.05 million) for the Egyptian multimillionaire in 15 days.
