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The net worth of Africa’s second wealthiest man, Egyptian billionaire Nassef Sawiris, has surged by $820 million so far this month after gains in his shares in Adidas and OCI N.V.
The Bloomberg Billionaire Index reported that his wealth skyrocketed from $6.29 billion as of the start of this month to a staggering $7.11 billion at the close of market yesterday.
His net worth has seen a 7.8-percent ($516 million) increase as of January to the time of this story’s writing.
Even so, Bloomberg’s wealth valuation of Sawiris at $7.11 billion is still substantially lower than Forbes’ estimation at around $9.2 billion.
The $820-million surge has been attributed to recent gains in the shares of the German multinational sportswear company Adidas, where Sawiris owns a six-percent stake.
Adidas’ shares have risen by about 15 percent since early May. The increase has lifted the price of the company’s shares to a record high of about €301 ($427.86) per share.
The gains are the result of continued growth efforts by Adidas after introducing a new strategy focused on expanding e-commerce sales, alongside a significant rise in its operating margins. The strategy has seen Adidas’ currency-neutral sales expand by about 27 percent on the back of direct-to-consumer sales.
Shares in Sawiris’ OCI N.V. have also risen as of late, which has also contributed to the surge in his net worth.
OCI N.V. is a leading nitrogen, methanol product and fertilizer producer and distributor.
The Egyptian billionaire holds a 30-percent stake in the company.
Sawiris maintains his position as Egypt’s wealthiest man and as the 381st richest man in the world. Aside from his shares in Adidas and OCI N.V., he owns about 0.3 percent of the shares in LafargeHolcim, a French-Swiss multinational company that manufactures building materials.
He also owns a substantial stake in the New York Stock Exchange-listed Madison Square Garden Sports, a holding company that manages professional sports teams.
