The wealthy Mauritian Doger de Speville family has recorded significant gains from their stake in Medine Limited, as shares in the Mauritius-based diversified firm continue to deliver profits to shareholders following improved investor confidence in recent weeks.
Research conducted by Billionaires.Africa revealed that the family’s interest in Medine had risen in value by MUR188.6 million ($4.3 million) since the start of the year.
Medine is a well-diversified firm with active activities and interests in around five economic clusters, including the real estate, retail, education and the hotel and tourist industries. Its operations also include major activities in the agro-allied industry through sugar, molasses, bagasse, fruit, vegetables and poultry production.
Apart from their governance responsibilities in the company, members of the family, who include Marie Therese Doger de Speville, Thomas Doger de Speville and 82-year-old Pierre Doger de Speville, control a beneficial 12.8-percent ownership, or 13,473,566 shares, in Medine.
The recent increase in the market value of their joint stake can be attributed to the revived purchasing interest among market participants after the conglomerate posted a profit of MUR802.9 million ($18.2 million) in the first half of its 2022 fiscal year, up from a loss of MUR88.5 million ($2 million) the previous year.
The high gain in earnings during the period may be attributed to the MUR849.7 million ($19.2 million) profit generated from bulk land sales that went off without a hitch toward the end of 2021.
As a result, shares in Medine on the Stock Exchange of Mauritius surged from MUR50 ($1.13) at the start of trading this year to MUR64 ($1.45) at the time of writing this report, representing a total 28-percent gain for owners since the beginning of the year.
The Doger de Speville family’s holding climbed in value from MUR673.7 million ($15.2 million) on Jan. 1 to MUR862.3 million ($19.5 million), representing a $4.3-million gain for the multimillionaire family.
