After facing a substantial decline in his fortune earlier this year, Ethiopia’s richest man Mohammed Al-Amoudi is making a remarkable comeback as his wealth exceeds the $5.3-billion threshold, further cementing his position as one of the world’s richest Black individuals.
According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 richest billionaires, Al-Amoudi has experienced a noteworthy surge in net worth, gaining $320 million in the past five months. His fortune, which stood at $5.03 billion on May 31, has now climbed to $5.35 billion as of the time of this report.
The $320-million surge in his net worth can be largely attributed to the performance of his industrial assets in Sweden, Saudi Arabia, and Ethiopia, which constitute most of his wealth. This resurgence has substantially reduced his losses to $108 million, down from the $428 million he had shed 142 days ago.
Al-Amoudi’s investment portfolio includes a wide array of lucrative industrial assets. Notably, he owns Preem, Sweden’s largest fuel company, known for its impressive refining capacity of over 18 million cubic meters of crude oil annually.
In addition, he holds stakes in Midroc Gold, Ethiopia’s premier mining company, which has diversified into the hotel, oil, and agro-allied industries. He also has interests in Midroc Properties, valued at $177 million, and Okote Gold, valued at $993 million.
In an effort to unlock value from his early investments in the oil and gas sector, Al-Amoudi, through Corral Petroleum Holdings AB (CPH), is presently exploring the sale of his interest in Preem Holding AB.
Preem, a major player in Sweden’s energy industry and a leading producer of advanced renewable fuels in Scandinavia, operates more than 550 petrol stations and owns two refineries in Gothenburg and Lysekil, which together account for 80 percent of Sweden’s and 40 percent of the Nordic refining capacity, processing up to 18 million cubic meters of crude oil each year.
In 2022, Preem reported sales of SEK161 billion ($14.6 billion) and an operating profit of SEK14.8 billion ($1.3 billion). With available liquidity amounting to SEK16 billion ($1.4 billion) and a net leverage ratio of 0.3x as of June 2023, the company remains financially robust.
