Moroccan billionaire Hassane Amor has seen his net worth reduce from $69.26 million (MAD640.74 million) to $45.61 million (MAD485.98 million) since the start of business in 2022. The tech tycoon lost $23.65 million (MAD154.76 million) due to the decline in the market value of Microdata, a Casablanca-based IT services provider, which dropped in the first quarter of 2022.
With the majority of his wealth generated from the company and his 56.17% share worth, his net worth was greatly impacted when the company’s share price on the Casablanca stock exchange reduced as investors sold off their stakes in a bid to mitigate risk. Hence, investors’ sellout reduced Microdata’s share value by 24.1%. It dropped from $73.4 (MAD679) in the first quarter of 2022 to as low as $48.37 (MAD515).
Despite the loss of 24.1% by shareholders, the company recorded a 15.6% increase in profit in the first half of 2022. Compared to the $3.73 million (MAD40.5 million) in 2021, the company generated $4.32 million (MAD46.9 million). This was brought about by a rise in high-value-added projects in its revenue mix. Although the company made a profit, its shares have decreased by more than 24%.
The IT services provider: Microdata
Hassane Amor started Microdata as an information technology (IT) services provider specialising in infrastructure virtualization, cloud computing, and mobile computing in 1991. Through his company, Microdata, he has been instrumental in developing and growing the Moroccan technology industry.
Under his leadership, the company became one of the leading companies in the industry that offers services to administrations, offices, subsidiaries of global corporations, significant Moroccan firms, banks, and insurance organisations. The company has worked with notable brands such as Dell, HP Inc. and Lenovo in Morocco and has numerous maintenance centres across the country.
With 31 years of operation, the company is one of the top 150 large Moroccan companies, with over 100 IT experts and a market capitalisation of over $100 million. Although the company has recorded a number of milestones, it plans to take up other innovative aspects of technology, such as the internet of things (IoT), the cloud, and big data.
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