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Renowned Egyptian businessman Ahmed El-Sewedy has witnessed a staggering increase in the market value of his stake in El Sewedy Electric, soaring by more than $380 million since the start of the year.
According to data tracked by Billionaires.Africa, El-Sewedy, recognized as one of Egypt’s wealthiest entrepreneurs, has witnessed a substantial rise in the market value of his stake in El Sewedy Electric.
Starting the year at EGP17.71 billion ($573.26 million), his stake’s value has climbed to EGP29.57 billion ($956.86 million) at the time of this report, reflecting a remarkable surge of EGP11.85 billion ($383.6 million).
This surge in El-Sewedy’s stake not only solidifies his position as one of the most affluent investors on the Egyptian Stock Exchange but also cements his status as one of the country’s wealthiest businessmen.
The surge can be attributed to the sustained surge in the company’s shares since the start of the year.
El Sewedy Electric shares on the Egyptian Exchange have experienced a remarkable ascent of nearly 67 percent since January 1st, climbing from EGP12 ($0.388) to EGP20 ($0.648) at the time of reporting. As a result, the group’s market capitalization has surpassed $1.4 billion.
El Sewedy Electric, founded in 1938 by the El-Sewedy family, is a prominent player in the electrical equipment manufacturing industry, contributing significantly to the development of electrical projects throughout the Middle East and North Africa.
Founded in 1938 by the El-Sewedy family, Elsewedy Electric is a leading player in the electrical equipment manufacturing industry and has been instrumental in the development of electrical projects across the Middle East and North Africa.
El-Sewedy, alongside his siblings Sadek and Mohammed, collectively owns 68 percent of the company.
Their astute leadership has propelled Elsewedy Electric to a staggering 48.96-percent surge in profit at the end of the 2022 fiscal year, with profits escalating from EGP3.86 billion ($125.4 million) to EGP5.75 billion ($186.9 million), driven by robust growth in sales and revenue.
Building on this impressive financial performance, the group experienced a substantial profit increase in the first quarter of 2023, surging from EGP760.9 million ($24.62 million) in the same period last year to an impressive EGP2.9 billion ($94.01 million).
The remarkable growth can be attributed to exceptional performances across the conglomerate’s operating units.
During the same period, the group’s revenue witnessed a remarkable upturn, experiencing a staggering 79.5-percent growth from EGP18.57 billion ($601.03 million) in Q1 2022 to EGP33.33 billion ($1.08 billion) in Q1 2023.
