Egyptian billionaire Hani Berzi’s wealth has plummeted, with the market value of his share in Edita Foods Industries dropping by more than $11 million in the last ten days. This loss is related to the recent drop in the company’s stock price on the Egyptian Exchange (EGX).
The market value of Berzi’s holding in Edita Foods has fallen by EGP567.21 million ($11.63 million) in the last ten days as the company’s share price has declined.
Edita Foods Industries dominates Egypt’s fast growing packaged snack food market. The company manufactures and distributes a variety of branded snack goods, including cakes, croissants, rusks, and wafers, via its extensive retail network.
Since August 13, Edita Foods’ share price on the EGX has decreased by 6.36 percent, from EGP 29.4 ($0.6025) to EGP 27.53 ($0.5642). This fall has reduced the company’s market value below $400 million, resulting in losses for investors, including Berzi.
Hani Berzi, who started Edita Foods in 1996 and presently serves as chairman and managing director, owns a 41.95 percent ownership through Quantum Invest BV, which represents 303,323,015 ordinary shares.
The market value of Berzi’s investment has dropped by EGP567.21 million ($11.63 million) since August 13, from EGP8.92 billion ($182.77 million) on August 13 to EGP8.35 billion ($171.14 million) at the time of writing.
Despite a recent decrease in the value of his stock, Berzi remains a prominent investor on the EGX. However, Edita Foods has had a difficult year, with its stock dropping 11.71 percent. After accounting for the Egyptian pound’s depreciation, the total drop is 44.08 percent.
Investors who invested $100,000 in Edita Foods at the beginning of 2024 have seen their investment value fall to $55,918 — a loss of $44,082. This steep drop highlights the combined impact of falling share prices and currency devaluation.