Ahmed Ezz, an Egyptian billionaire businessman and prominent industrialist, has experienced a notable increase in his net worth due to the soaring share price of his steel company, Ezz Steel.
According to data tracked by Billionaires.Africa, Ezz’s stake in the company has grown in market value by $49 million since the start of the year, primarily due to the continued upward trend of the company’s shares.
The news comes as the impressive financial performance of the steelmaker in the first nine months of 2022 piqued investor interest, further driving its upward momentum.
With a total output of 5.14 million metric tonnes, Ezz Steel is the largest steelmaker in Africa and the Arab world, far ahead of Saudi Arabia’s Hadeed and Emirates Steel.
Ezz, one of the wealthiest businessmen in Egypt and a leading investor on the Egyptian Stock Exchange, owns a majority 60.7-percent stake in the steel behemoth, which makes him a significant player in the industry.
As of now, the shares of the Egyptian steelmaker are trading at EGP27.78 ($0.907) per share, slightly below the opening price on the local bourse, as some investors are cautiously reducing their holdings in the company’s shares.
However, despite this dip, the company’s share price has soared by nearly 20 percent since the beginning of the year, climbing from EGP23.23 ($0.758) on January 1 to EGP27.78 ($0.907) on February 27.
The share price surge in Ezz Steel has resulted in a significant boost in the market value of Ezz’s 60.7-percent stake in the company, further cementing his position as one of the richest investors on the local bourse.
The value of his stake has soared by EGP1.5 billion ($48.99 million), rising from EGP7.66 billion ($250.14 million) at the start of the year to EGP9.16 billion ($299.14 million) at the time of writing this report.