Ahmed Ezz, the Egyptian billionaire businessman and founder of Ezz Steel, has experienced a substantial increase in his net worth due to the soaring share price of his renowned steel company, Ezz Steel.
Data tracked by Billionaires.Africa reveals that the market value of Ezz’s stake in the leading steel producer has surged by $137.3 million since the start of the year, riding the continued upward trend of the company’s shares.
Ezz Steel, the largest independent steel producer in the Middle East and North Africa, has showcased remarkable financial resilience, delivering a strong financial performance in under the leadership of Ezz.
Ezz holds a majority 60.7-percent stake in Ezz Steel, amounting to 329,816,198 shares.
This significant stake not only positions him as one of the richest investors on the Egyptian Exchange but also as one of the wealthiest individuals in Egypt.
Since the start of the year, Ezz Steel shares listed on the Egyptian Exchange have experienced a remarkable surge of 50.57 percent, soaring from EGP25.45 ($0.823) on Jan. 1 to EGP38.32 ($1.240) on July 27.
The recent surge in Ezz Steel’s shares has resulted in the market value of Ezz’s stake in the company skyrocketing by EGP4.2 billion ($137.37 million), further strengthening his position as one of the richest investors on the Egyptian Exchange.
With an impressive year-to-date bump of EGP4.2 billion ($137.37 million), Ezz’s stake in Ezz Steel has surged from EGP8.39 billion ($271.65 million) at the beginning of the year to an astounding EGP12.63 billion ($409.03 million) as of the time of reporting.
This impressive gain underscores the resounding success of Ezz Steel and reflects the positive sentiment surrounding the company’s performance in the market.