Following a stunning drop in its share price in the first three months of 2022, Egyptian consumer goods conglomerate Edita Food Industries has seen its share price rebound by double-digit percentage points, as investors renew buying interest after the publication of its impressive 2021 financial performance.
As a result of the recent robust rebound in the share price of Edita Food Industries, Egyptian businessman Hani Berzi’s net worth has increased by millions of dollars.
Berzi’s stake has risen in value by EGP424.6 million ($23 million) in the past 47 days thanks to a double-digit percent increase in Edita Food Industries’ share price.
Edita Food Industries is a market leader in Egypt’s growing packaged snack foods market. The company manufactures and sells a variety of branded snack products through its extensive retail channel, including packaged cakes, croissants, rusks (baked wheat), and wafers.
Berzi, who founded the consumer goods conglomerate in 1996 and presently serves as chairman and managing director, owns a significant 41.95-percent stake in the leading packaged foods manufacturer through Quantum Invest BV.
Since March 17, shares in the Egyptian conglomerate have increased from EGP6.6 ($0.3571) per share 47 days ago to EGP8 ($0.4328) per share on May 3, as investors and market participants renewed buying interest in Edita in response to a 52-percent increase in net profits reported for 2021.
As a result of the recent uptick in the company’s shares, Berzi, who is on course to receive EGP83.9 million ($4.54 million) in dividends from his stake in Edita Food Industries, has seen the market value of his stake surge by EGP424.6 million ($23 million) in the past 47 days.
According to data obtained by Billionaires.Africa, the businessman’s stake increased in value from EGP2 billion ($108.3 million) on March 17 to EGP2.43 billion ($131.3 million) at the time of writing this report.
