Mohammed Al-Amoudi, an Ethiopian billionaire businessman, has seen his net worth plummet by more than $268 million since the start of the year owing to a sustained decline in the value of his collective industrial assets and investments.
With a fortune of $6.45 billion, Al-Amoudi ranks as one of Africa’s richest men and is the wealthiest man in Ethiopia thanks to his industrial assets in Sweden, Saudi Arabia and Ethiopia.
The recent decline in his net worth can be attributed to the revaluation of his industrial assets, particularly his stake in Preem, Sweden’s largest oil refiner, and Svenska Petroleum Exploration, another Swedish-based oil and gas exploration and production company.
His current investment in Preem and Svenska is valued at $1.66 billion and $720 million, respectively. Meanwhile, his other assets, which include Ethiopia-based Midroc Gold and Okote Gold, are valued at $1.13 billion and $993 million, respectively.
Al-Amoudi’s stakes in Preem and Svenska are evaluated based on the most recent financial reports issued by the Swedish companies. Meanwhile, his Midroc stake is valued in three parts — the group’s services units, property unit and consulting firm, Midroc Invest.
Since the start of business and trading this year, Al-Amoudi’s net worth has declined from $6.71 billion on Jan. 1 to $6.45 billion as of the time of writing.
This equates to a four-percent, or $268-million, decrease in his net worth since the start of the year.
Al-Amoudi’s net worth dropped by $855 million in 2021 as a result of a sustained decline in the valuation of his industrial assets, causing his net worth to fall from $7.56 billion to $6.71 billion.