Moroccan multimillionaire businessman Adil Douiri has seen the market value of his Mutandis SCA stake decrease by MAD26.4 million ($2.6 million) in the past 19 weeks as shares in his company fell by double digits percent on the Casablanca bourse.
Mutandis is a packaged food manufacturer and a consumer goods industry leader in the country, with active activities and investments in four business categories that include detergents, seafood, drinks, and fruit juice sales.
Under the leadership of Douri, a leading politician and businessman who founded Mutandis in 2008 and owns a 6.88-percent stake in the consumer goods firm, the company’s annual revenue has surpassed $150 million in recent years.
Mutandis reported a 40-percent increase in revenue in the first quarter of 2022, from MAD300 million ($29.8 million) in the first quarter of 2021 to MAD422 million ($42 million), due to increased sales of the company’s products such as detergents and food bottles.
As of press time on June 6, shares in the consumer goods company were trading at MAD220 ($21.94) per share, 3.3-percent higher than its opening price on the Casablanca bourse this morning, giving the Moroccan firm a market capitalization of MAD2.034 billion ($202.4 million).
Since Feb. 8, exactly 19 weeks ago, shares in the company have fallen from MAD268 ($26.73) to MAD220 ($21.94) at the time of writing this report, representing an 18-percent loss for shareholders over the past 133 days.
As a result, the market value of Douiri’s stake fell from MAD147.45 million ($14.71 million) on Feb. 8 to MAD121.04 million ($12.07 million) at the time of writing.
This amounts to a total loss of MAD26.4 million ($2.6 million) for the multimillionaire businessman over the past 19 weeks.
