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Tunisian auto tycoon Habib Essayeh has recorded a $1-million boost in his net worth since the year began, as the market value of his stake in Euro-Cycles S.A. surged by TND24.4 million ($8.4 million).
Euro-Cycles is a Tunisian automotive company specializing in the production of bicycles and cycles, ranging from classic city bikes to mountain bikes.
Essayeh, the company’s CEO, holds a beneficial 33.6-percent stake in the bike maker, making him the largest shareholder in the automotive company.
The multimillion-dollar gain in his stake can be attributed to a double-digit surge in the share price of the Tunisian bike maker, as investors continue to bid shares higher to acquire additional shares despite growing economic uncertainty and supply chain disruptions.
Since the start of the year, investor buying interest and the expectation of improved 2021 financial results pushed stock prices upward.
As a result of this bullish bias, Euro-Cycles’ stock price has increased from TND25.6 ($8.83) per share on Dec. 31, 2021 to TND33.75 ($11.65) per share on Nov. 25. This translates to a 31.8-percent gain for shareholders.
Research conducted by Billionaires.Africa revealed that the market value of his stake has increased from TND76.6 million ($26.5 million) at the start of the year to TND101 million ($34.9 million) as of midday yesterday, accruing gains of TND24.4 million ($8.4 million) for the Tunisian tycoon.
Figures contained in Euro-Cycles’ Q3 financial results revealed that its revenue in the first nine months of 2021 increased by 40 percent from TND82.81 million ($28.6 million) in 2020 to TND115.71 million ($40 million).
The strong revenue growth was delivered off the back of an increase in the demand for mobility as economic activities recovered strongly from the disruption induced by the COVID-19 pandemic.
