Egyptian billionaire Ahmed Ezz rakes in $57.5 million in November
Ahmed Ezz, the Egyptian billionaire businessman and founder of Ezz Steel, has recorded gains amounting to millions of dollars from his stake in Ezz Steel as value investors increased stakes in the steel company — leading to the recent surge in the shares of the group.
According to data tracked by Billionaires.Africa, the market value of Ezz’s stake in the leading steel producer has surged by EGP1.78 billion ($57.53 million) in just 20 days, mirroring the continued upward trend of the shares of the Cairo-based steel producer.
Ezz Steel’s sustained rally, a testament to investor trust and company performance
Ezz Steel — the largest independent steel producer in the Middle East and North Africa — has delivered impressive financial results in recent times, further strengthening investors’ interest and confidence. With a total output of 5.14 million metric tonnes, Ezz Steel is far ahead of Saudi Arabia’s Hadeed and Emirates Steel.
The Egyptian industrialist owns 60.7 percent of the company, or 329,816,198 shares, in the steel behemoth — 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.
In just 20 days, Ezz Steel shares on the Egyptian Exchange have experienced a remarkable surge of 742 basis points, soaring from EGP72.6 ($2.350) on Nov. 1 to EGP77.99 ($2.524) on Nov. 21, returning gains amounting to millions of dollars to shareholders, including Ezz.
Egyptian billionaire Ahmed Ezz’s stake in Ezz Steel surpasses $830-million mark
As a result of the single-digit percent bump in the group’s shares, the market value of Ezz’s stake has increased by EGP1.77 billion ($57.53 million) from EGP23.94 billion ($774.95 million) on Nov. 1 to EGP25.72 billion ($832.48 million) on Nov. 21.
These multimillion-dollar gains have cemented his position not only as a high-value investor on the Egyptian Exchange but as one of the richest individuals in the country.