Egypt’s richest man Nassef Sawiris has experienced a remarkable rebound in his net worth in recent months, largely attributed to the surge in the performance of his Adidas shares.
According to data tracked by Billionaires.Africa, Sawiris’ fortune has witnessed a substantial increase of $260 million in the past 29 days following a temporary decline during the first two months of Q2 2023.
The resurgence in Sawiris’ wealth can be primarily attributed to the impressive performance of his holdings in Adidas, with shares surging by approximately four percent. From June 8 to the time of writing, the share price has risen from €159.02 ($173.1) to €166 ($180.7), delivering significant gains to the prominent businessman.
Although there has been a slight increase in OCI N.V. shares from €21.32 ($23.2) to €21.59 ($23.51) in the past 29 days, it is the surge in his Adidas holdings that has predominantly contributed to Sawiris’ recent wealth growth.
Earlier this year, Sawiris encountered a decline in his net worth, experiencing a notable $880 million drop from April 7 to the end of May. However, he has displayed impressive resilience and made a strong recovery, accumulating a total of $530 million in wealth gains from June 8 until now.
As a result of the latest surge in fortune, Sawiris’ net worth now stands at an impressive $7.30 billion, showcasing his ability to navigate market fluctuations. Furthermore, his year-to-date gains amount to $270 million, making him one of the few African billionaires who have seen substantial growth in their fortunes this year.
The notable $270 million year-to-date wealth gains can be attributed to Sawiris’ six percent stake in the renowned German sportswear giant Adidas, which has witnessed its shares surge by over 29 percent throughout this year.
In contrast, OCI N.V., a company in which Sawiris holds a significant stake, has faced a challenging period on the Euronext European stock market. The company’s shares have declined by more than 35 percent since the start of the year.
The decrease in OCI N.V.’s share price has resulted in a decline in its market capitalization, which currently stands below €4.6 billion ($4.95 billion). However, despite the market challenges, OCI N.V. has generated $151 million in free cash flow and reduced its net debt by 9 percent to $1.06 billion as of March 31, 2023.
