Ahmed Ezz, the Egyptian billionaire businessman renowned for founding Ezz Steel, has once again witnessed an astonishing surge in the market value of his stake in Ezz Steel, with a remarkable gain exceeding $36 million in just two weeks.
Data tracked by Billionaires.Africa reveals that the market value of Ezz’s stake in the leading steel producer has surged by EGP1.12 billion ($36.3 million) in 13 days, capitalizing on the sustained upward trajectory of the Cairo-based steel producer’s shares.
Ezz Steel, recognized as the largest independent steel producer in the Middle East and North Africa, has demonstrated remarkable financial resilience in recent years. With an impressive total output of 5.14 million metric tonnes, Ezz Steel is notably ahead of industry giants such as Saudi Arabia’s Hadeed and Emirates Steel.
Ezz, a leading Egyptian industrialist, owns a 60.7-percent stake in Ezz Steel, equating to 329,816,198 shares in the steel behemoth. This stake affirms his position as one of the wealthiest investors on the Egyptian Exchange and distinguishes him as one of the most prosperous individuals in Egypt.
In just 13 days, Ezz Steel shares listed on the Egyptian Exchange have increased by 7.01 percent, rising from EGP48.50 ($1.570) on Sept. 12 to EGP51.90 ($1.677) at the time of writing this report, thus leading to gains amounting to millions of dollars for its shareholders, including billionaire Ahmed Ezz.
In the wake of this single-digit percentage increase in the group’s share price, the market value of Ezz’s stake has seen a substantial boost, climbing from EGP15.99 billion ($517.74 million) on Sept. 12 to EGP17.12 billion ($554.03 million) as of the current moment. This cements his status as one of the most affluent investors on the Egyptian Exchange.
Ezz’s enduring success within the steel industry underscores the resilience and growth potential within the region’s manufacturing sector, highlighting the pivotal role of Ezz Steel in Egypt’s economic landscape.
