Moroccan real estate billionaire Alami Lazraq has gained over MAD251.4 million ($25.7 million) in the past 77 days from his interest in property developer Alliances Developpement Immobilier SA (ADI).
ADI is an active member of Alliances Group, a Moroccan holding company with a wide portfolio of real estate assets around the nation. Lazraq controls 51.7 percent of the business, or 11,410,669 ordinary shares, worth more than $68 million.
Lazraq, one of the wealthiest investors on the Casablanca bourse, ranks among Africa’s richest businessmen who have gained more than $25 million since the start of the year.
As of March 18, shares in the leading property developer were trading at MAD59 ($6.032), 1.04-percent lower than their starting price on the Egyptian Stock Exchange, giving the company a market capitalization of MAD1.3 billion ($132.9 million).
Since the start of the year, ADI shares have climbed from MAD36.97 ($3.78) per share on Jan. 1 to MAD59 ($6.032) per share at the time of writing this article, amounting to a total gain of 60 percent for shareholders in the past 77 days.
As a consequence of the recent boom in ADI’s shares, the market value of Lazraq’s investment has climbed from MAD421.85 million ($43.84 million) at the start of the year to MAD673.23 million ($68.83 million) at the time of writing.
This amounts to a total gain of MAD251.4 million ($25.7 million) for the multimillionaire businessman in 77 days.
The recent spike in the Egyptian property developer’s shares can be attributed to investor reactions to the revenue data released by ADI in its most recent activity indicator published on the local exchange.
The property developer stated that its revenue increased by 11 percent in 2021, from MAD1.27 billion ($134.1 million) in 2020 to MAD1.4 billion ($147.8 million), owing to an increase in demand for real estate during the year.
Lazraq, the founding president of Alliances, commented on the performance, stating that the group exceeded its goals for the year despite the crisis surrounding the COVID-19 pandemic.
He noted that activity indicators showed generally excellent performance with a manageable level of debt, taking into account increased funds for project execution in Morocco’s center and south.
