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Algerian billionaire Issad Rebrab’s net worth has risen to $5.1 billion in recent years, owing to the valuation of his well-diversified manufacturing conglomerate, Cevital, which has improved significantly due to increased capacity and robust earnings growth.
Rebrab founded Cevital, the country’s largest private conglomerate, in 1998, and the company has since grown to become one of Africa’s largest private groups. The majority of the billionaire’s $5.1-billion fortune is derived from his ownership of Cevital.
Rebrab’s net worth has increased from $4.2 billion in 2020 to $5.1 billion at the time of writing this report, representing a total net worth gain of $900 million for the leading billionaire as he cements his position and rank as Algeria’s richest man.
This comes as Cevital continues to profit from Europe’s sudden shortage of sunflower oil due to Russia’s invasion of Ukraine.
Rebrab’s conglomerate obtained a waiver to ship 462 tonnes of cooking oil to France, despite Algeria’s ban on exporting basic foodstuffs, as part of a concerted effort to create value for all stakeholders while filling a gap in the supply of sunflower oil.
This is part of a coordinated strategy to broaden its market reach as it moves to capitalize on the shortage of French shelves caused by the Ukraine war.
Prior to Putin’s military aggression in Ukraine, the Eastern European country was the world’s largest exporter of sunflower oil.
The conflict has now paralyzed harvests and left many nations with limited stocks of edible oil and soaring prices for what’s left, worsening an East African food crisis and leading to export restrictions in Indonesia, which were later reversed on May 20, providing relief to international buyers and Indonesian farmers after weeks of protests.
Cevital plans to complete its oil seed treatment plant by the end of 2022 to increase its capacity to produce edible oil for European consumers.
Rebrab is the seventh-richest man in Africa, with a net worth of $5.1 billion, trailing Nigerian telecom and oil magnate Mike Adenuga, who has a net worth of $6.7 billion.
