Egyptian steel tycoon Ahmed Ezz’s stake in Ezz Steel has risen significantly in market value, as investors continue to accumulate shares in the leading steelmaker after it reported a double-digit increase in profits.
According to data tracked by Billionaires.Africa, Ezz’s stake in Ezz Steel has increased in value by EGP1.085 billion ($55.48 million) in the past 81 days due to a new wave of renewed buying interest among market participants.
Ezz Steel ranks first in Africa and the Arab world, with a total output of 5.14 million tonnes, far ahead of Saudi Arabia’s Hadeed and Emirates Steel.
Ezz founded Ezz Steel in 1994,. The Egyptian tycoon owns 60.7 percent of the company, or 329,816,198 shares. The market value of his majority stake in the Egyptian steelmaker makes him one of the country’s wealthiest men.
Shares of Ezz Steel closed at EGP14.03 ($0.71) per share as of press time on Sept. 29, 1.08-percent higher than their opening price on the Egyptian Exchange this morning, as value investors continued to accumulate stakes in the group.
Since July 10, shares in the world’s largest steelmaker have increased by more than 30 percent, rising from EGP10.74 ($0.55) exactly 81 days ago to EGP14.03 ($0.717) at the time of writing.
The surge in Ezz Steel’s shares can be linked to investors’ reaction to figures contained in the steelmaker’s recently published financial results, as profits during the first six months of 2022 increased by 72.3 percent, from EGP2.4 billion ($122.5 million) to EGP4.13 billion ($210.9 million).
The market value of Ahmed Ezz’s stake in the leading steelmaker has increased by EGP1.085 billion ($55.48 million) as a result of the surge in Ezz Steel’s shares, from EGP3.54 billion ($181.1 million) on July 10 to EGP4.627 billion ($236.58 million) at the time of writing.
