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A new billionaire family has joined the ranks of Egypt’s wealthiest, as the El-Sewedy family’s joint stake in Elsewedy Electric, a leading multinational electrical company, surged past the $1-billion mark.
This remarkable financial milestone was achieved after their shares in the company recorded an astounding boost of more than $250 million in just 59 days, thanks to sustained investors’ interest on the Egyptian Stock Exchange.
The El-Sewedy family’s fortune has seen an exceptional upturn this year, solidifying their position among Egypt’s billionaire elite alongside notable names like the Sawiris and the Mansour families.
Earlier this year, reports hinted that their stake in Elsewedy Electric was nearing the $1-billion mark.
According to data tracked by Billionaires.Africa the market value of the El-Sewedy family’s stake in Elsewedy Electric has surged by an impressive EGP7.82 billion ($256.76 million) since July 9, driven by renewed investors’ interests.
Elsewedy Electric, established in 1938 by the El-Sewedy family, is a prominent player in the electrical equipment manufacturing industry, playing a pivotal role in numerous electrical projects across the Middle East and North Africa.
El-Sewedy and his siblings Sadek and Mohammed hold a controlling and beneficial stake of 68.1 percent in the company, equivalent to a staggering 1,478,358,330 ordinary shares.
Their visionary leadership has been instrumental in Elsewedy Electric’s remarkable 48.96-percent profit surge in 2022, propelling the group’s profits from EGP 3.86 billion ($125.4 million) to EGP 5.75 billion ($186.9 million), primarily fueled by robust sales and revenue growth.
In the first half of 2023, under the astute leadership of the El-Sewedy family, Elsewedy Electric achieved net profits totaling EGP 5.56 billion, marking a remarkable annual leap of 194.8 percent compared to the EGP 1.88 billion profit recorded in the same period of 2022.
During the January-June 2023 period, the firm reported revenues of EGP 69.63 billion, a staggering 78.7 percent increase from the EGP 38.96 billion recorded in the corresponding period of 2022.
The impressive financial performance of Elsewedy Electric in recent times has translated into a significant surge in its shares on the Egyptian Stock Exchange, with a remarkable increase of 29.69 percent since July 9.
The company’s shares have risen from EGP 17.82 ($0.5767) to EGP 23.11 ($0.7479), pushing the company’s market capitalization above the $1.5-billion mark. These gains have translated into substantial profits for shareholders, including the affluent El-Sewedy family.
With this double-digit surge in the company’s shares, the market value of the El-Sewedy family’s stake has surged by EGP 7.82 billion ($256.76 million) in just 59 days, rising from EGP 26.35 billion ($851.45 million) on July 9 to EGP 34.17 billion ($1.10 billion) at the time of this report.
This remarkable surge in the El-Sewedy family’s stake not only solidifies their position as one of the most influential investors on the Egyptian Stock Exchange but also cements their status as one of the few billionaire families on the African continent, joining the exclusive ranks of affluent families such as the Sawiris, Mansour, Rupert, and Oppenheimer.
