Egyptian billionaire Nassef Sawiris’ net worth increases by $260 million in 24 days

Egyptian billionaire industrialist Nassef Sawiris has seen his net worth increase by $260 million in the past 24 days, following a growth in the market value of his share in OCI N.V., a Netherlands-based fertilizer producer.

According to Bloomberg, Sawiris’ net worth between Aug. 20 and Sept. 13 increased from $6.67 billion to $6.93 billion, a gain of $260 million for the African billionaire.

Research conducted by Billionaires.Africa revealed that most of the $260-million increase in his net worth could be attributed to gains that he recorded from his OCI N.V. stock, as the market value of his shares in the group surged by €183.86 million ($216.65 million).

OCI N.V. is a producer and distributor of nitrogen and methanol products, providing sustainable solutions such as fertilizers to agricultural and industrial customers worldwide.

The fertilizer producer, which is on track to become a global player in low-carbon solutions, posted a net income of $244.9 million in the first half of 2021, compared to the loss of $83.8 million that it recorded in the corresponding period of 2020.

Investors’ reactions to the half-year statement, coupled with the group’s decision to sell its first cargo of blue ammonia to Itochu in Japan, spurred a rise in the shares of the leading fertilizer. Blue ammonia is used in fertilizer production.

This bullish sentiment on the Amsterdam Stock Exchange (Euronext N.V.) led to the recent gain in Sawiris’ net worth, as the billionaire holds a 33-percent stake in the group.

Data retrieved from Euronext N.V. revealed that the market price of OCI N.V. shares increased by 14.4 percent, from €18.37 ($21.65) on Aug. 20 to €21.02 ($24.77) at the time of writing, 8:15 AM (UTC), Sept. 13.

Meanwhile, the market value of his stock in OCI N.V. increased from €1.27 billion ($1.50 billion) on Aug. 20, to €1.46 billion ($1.72 billion) on Sept. 13.

This translates to a gain of €183.86 million ($216.65 million) in 24 days.