Andrew Ndegwa: How Kenyan Billionaire Made Ksh244.64 Million in One Month

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Andrew Ndegwa: How Kenyan Billionaire Made Ksh244.64 Million in One Month
Andrew Ndegwa: How Kenyan Billionaire Made Ksh244.64 Million in One Month

Despite what appears like a slow economic recovery, NCBA Group is one of the companies listed on the Nairobi Stock Exchange (NSE) that posted impressive returns.

In a span of 36 days between March 2 and April 6, Billionaire Andrew Ndegwa’s valuation rose by $2.1 million. In 2021 NCBA exceeded analysts’ expectations and has since maintained buying interest from investors.

According to reports, Ndegwa owns 4.3 per cent of NCBA Group or 70,909,968 ordinary shares.

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The rise in Ndegwa’s worth can be attributed to a 15 per cent increase in NCBA’s share price on the NSE, from Ksh23 ($0.1995) per share at the start of the stock market on March 2 to Ksh26.45 ($0.2294) as at the opening bell on April 7.

As of April 7, the market value of Ndegwa’s 4.3 per cent stake in NCBA increased by Ksh244.64 million ($2.12 million) as a result of the share price movement, from Ksh1.63 billion ($14.14 million) on March 2 to Ksh1.88 billion ($16.27 million) on April 7.

Ndegwa who is the business leader and executive director of First Chartered Securities Limited is among the wealthiest investors at the NSE.

Also Read: Philip Ndegwa: The First Kenyan To Bank A Billion And His Super Wealthy Sons

According to Billionaires.Africa the surge in NCBA shares can be attributed to the financial entity’s strong performance in 2021.

NCBA’s full-year net profit more than doubled from Ksh4.6 billion ($40.1 million) in 2020 to Ksh10.2 billion ($88.9 million) at the end of 2021, thanks to strong performance from its banking, unit trust, and investment banking operations.

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As a result, the board paid out a final dividend of Ksh2.25 ($0.0196) per share, which, when combined with the interim dividend of Ksh0.75 ($0.0065) per share paid on October 12, 2021, brings the total dividend to Ksh3 ($0.0261) per share.

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