Home » Egyptian billionaire Nassef Sawiris loses $270 million in April

Egyptian billionaire Nassef Sawiris loses $270 million in April

by Yusuf Abdulfatai
Nassef Sawiris

Egyptian billionaire Nassef Sawiris’ net worth fell by millions of dollars in April, following an exciting performance in March, when his wealth soared above $6.6 billion before falling below $6.55 billion.

Data retrieved by Billionaires.Africa revealed that Sawiris, who is Egypt’s richest man and also the wealthiest billionaire in the Arab world, saw his net worth fall by more than $270 million in April, falling below the $6.3-billion mark.

According to data obtained from the Bloomberg Billionaires Index, Sawiris had a net worth of $6.52 billion at the start of business and trading activities on April 1, by the end of the month, his net worth had increased to $6.25 billion.

Following the drop in the market value of his six-percent stake in German sportswear behemoth Adidas, the $270-million decline in his net worth in April brought his year-to-date wealth loss to $251 million.

The impact of the drop in the market value of his stake in Adidas was mitigated in part by a boom in the value of his equity position in OCI N.V., a fertilizer company headquartered in the Netherlands; his position in the fertilizer producer is currently his most valuable asset.

The decline in the value of his stake in Adidas is directly linked to the performance of the company’s shares. Their share value has been significantly impacted by investor reactions to a profit warning that Adidas sales could be impacted by COVID-19 disruptions in Vietnam and the company’s decision to close operations in Russia.

Adidas, a multinational sportswear manufacturer, operates approximately 500 stores in Russia, accounting for one-quarter of its total store count. It disclosed that the Russia-Ukraine crisis could cost it up to €250 million ($272.8 million), or roughly half of its revenue in the region in 2021, or about one percent of total group sales.

Adidas’ shares have declined in value by more than 11 percent since Russia launched an aggressive military operation in Ukraine on Feb. 24.

In April alone, shares in the German sportswear manufacturer fell from €210.1 ($221.25) per share to €195.08 ($205.5) per share, resulting in a 7.15-percent loss for the company’s shareholders.

Despite a recent decline in Sawiris’ net worth, the Egyptian billionaire remains one of Africa’s wealthiest businessmen, ranking 384th in the world, according to Bloomberg.

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