South African millionaire Stephen Saad, known for his pharmaceutical enterprises, has cemented his place as one of Africa’s wealthiest people. In just 17 days, his wealth increased by $21.1 million, owing to the soaring market value of Aspen Pharmacare.
In just 17 days, the market value of Saad’s investment in Aspen soared by R393.78 million ($21.05 million). This is due to a recent surge in the retail bank’s shares on the Johannesburg Stock Exchange (JSE).
Aspen Pharmacare, a leader in the specialized and branded pharmaceutical industries for over two decades, has seen its stock rise in recent weeks, indicating solid financial performance and restored investor confidence.
The stock has increased by 3.2 percent since March 25, increasing from R215 ($11.48) to R221.89 ($11.85). This increase has lifted Aspen’s market value past $5 billion, cementing its status as a JSE heavyweight.
Aspen’s first-half 2024 fiscal year earnings exceeded analyst estimates, contributing to the jump. Revenue for the six months ended December 31, 2023, increased by 10% year on year to R21.1 billion ($1.11 billion), compared to R19.2 billion ($1.01 billion) in the same period the previous fiscal year. This good performance demonstrates the company’s strategic success.
Saad, who founded the branded pharmaceutical holding firm in 1997, presently owns a 12.5% stake, or 57,151,972 ordinary shares. This share is worth over $680 million, making him one of Africa’s wealthiest people.
The recent single-digit percent gain in Aspen’s share price increased the market value of Saad’s interest from R12.29 billion ($656.80 million) on March 25 to R12.68 billion ($677.85 million) as of the time of writing.
This increase in Saad’s stake highlights his critical role in South Africa’s commercial scene, putting him among the top investors on the JSE. It emphasizes his outstanding leadership and management abilities, bolstering his impact in the corporate world.
