Ahmed Ezz, the Egyptian businessman renowned for founding Ezz Steel, has experienced a remarkable surge in his fortune, as the market value of his stake in the leading steel producer surged by more than $300 million in just 22 days.
According to data tracked by Billionaires.Africa, the market value of Ezz’s stake in the leading steel producer has increased by EGP9.29 billion ($300.9 million) over the past 22 days, thanks to the sustained surge in the share price of the Cairo-based steel producer.
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.
In the past 22 days, Ezz Steel shares listed on the Egyptian Exchange have seen a remarkable increase of 54.75 percent, rising from EGP51.49 ($1.666) on October 8 to EGP79.68 ($2.579) at the time of writing this report, thus leading to gains amounting to millions of dollars for its shareholders, including Ezz.
As a result of this double-digit percent increase in the group’s share price, the market value of Ezz’s stake has experienced a significant boost, climbing from EGP16.98 billion ($549.58 million) on Oct. 8 to EGP26.28 billion ($850.46 million) at the time of this report.Â
This represents an impressive gain of EGP9.29 billion ($300.9 million) for the Egyptian businessman, further solidifying his status as one of the most affluent investors on the Egyptian Exchange.
Despite the steel company’s reporting a loss of $26.2 million in the first half of its 2023 fiscal year, Ezz Steel has recorded an impressive increase in its total assets, growing from EGP66.21 billion ($2.14 billion) at the end of 2022 to EGP88.16 billion ($2.85 billion).
