As the share price of Pick n’ Pay, one of South Africa’s leading retailers, continues to rise thanks to persistent investor buying interest on the Johannesburg Stock Exchange, the market value of the Ackerman family’s shareholding in the company has risen by millions of dollars.
The Ackerman family, which owns a significant 25.53-percent stake in the leading retailer, totaling 124,677,238 ordinary shares, has seen the market value of their stake rise by R1.31 billion ($82.03 million) in the past 103 days, according to data retrieved by Billionaires.Africa.
Pick n’ Pay is the country’s second-largest retailer. The retail behemoth headquartered in Cape Town announced that its sales across more than 2,000 stores in eight African countries increased by 5.2 percent to R97.9 billion ($6.67 billion) at the end of its 2022 fiscal year, up from R93.1 billion ($6.35 billion) in 2021.
Shares in the retailer were worth R55 ($3.43) per share as of press time on June 18, 1.36-percent lower than their opening price on Fri., June 18, while the group’s market capitalization is presently valued at R27.1 billion ($1.7 billion).
The multimillion-dollar increase in the Ackerman family’s stake can be attributed to the retailer’s stock performance, as investors reacted positively to its single-digit sales growth at the end of its 2022 fiscal year, driven by an increase in liquor and clothing sales during the period under review.
Pick n’ Pay’s shares have increased from R44.46 ($2.77) on March 7 to R55 ($3.43) at the time of writing this report, representing a 23.7-percent gain for shareholders in 103 days.
As a result of the double-digit percent surge in the retailer’s share price on the local bourse, the market value of the Ackerman family’s stake has increased from R5.54 billion ($346.03 million) on March 7 to R6.86 billion ($428.06 million) on June 18.
The South African family, which includes Raymond Ackerman, who founded the retailer in 1967, and Gareth Ackerman, the group’s chairman, has made a total profit of R2.09 billion ($135.65 million) in the past 103 days.
