Egypt’s richest man Nassef Sawiris sees Adidas stake climb to $3.3 billion

Egypt’s richest man Nassef Sawiris sees Adidas stake climb to $3.3 billion

Key Points

  • Nassef Sawiris' Adidas stake climbed to $3.35 billion following a 5% share surge, cementing his position as Egypt’s wealthiest individual.
  • Adidas revenues grew 12% in 2024, excluding Yeezy sales, while profits surged over $1 billion, driving investor confidence.
  • Sawiris’ net worth rose to $9.17 billion, fueled by Adidas' rally and diversified holdings, including OCI Global and Aston Villa.

Egyptian billionaire Nassef Sawiris has seen his stake in German sportswear giant Adidas climb in market value to over $3.3 billion, reaffirming his position as Egypt’s wealthiest individual and the richest person in North Africa.

The rise in the market value of his Adidas stake, from $3.1 billion to $3.35 billion, comes on the back of a strong rally in the company’s shares on the Deutsche Börse in Frankfurt. The market responded positively to Adidas’ better-than-expected preliminary results for the fourth quarter and the full year of 2024, which reignited investor interest.

Adidas revenues climb, profits surge

According to the company’s preliminary unaudited figures for 2024, currency-neutral revenues grew by 12 percent, while revenues in euros rose 11 percent year-over-year to €23.683 billion ($24.8 billion), up from €21.427 billion ($22.44 billion) in 2023. Excluding Yeezy sales, revenues increased by 13 percent on a currency-neutral basis.

Adidas also reported improvements in profitability. Its gross margin increased to 50.8 percent in 2024 from 47.5 percent the previous year, while operating profit surged by over €1 billion ($1.05 billion) to €1.337 billion ($1.4 billion), compared to just €268 million ($280.6 million) in 2023.

Adidas shares climb, boosting Sawiris' wealth

These robust results drove Adidas shares up more than 5 percent in a single week, extending their year-to-date gains on the Deutsche Börse to over 7 percent and pushing the company’s market capitalization above $48 billion.

For Sawiris, who owns a 7 percent stake in Adidas, this translates to a $477-million boost in wealth since the start of 2024. His total net worth now stands at $9.17 billion, according to the Bloomberg Billionaires Index, ranking him 313th among the world’s richest people.

Beyond stakes in Adidas and OCI, he holds $927 million in non-core investments

While Adidas remains a key driver of his fortune, Sawiris has built a diversified portfolio of high-value investments. His $3.93 billion in cash holdings and a 38 percent stake in OCI Global—a Dutch-based leader in nitrogen and methanol production worth $968 million—form a significant part of his wealth.

Beyond these core assets, Sawiris’ investments span a range of industries. He holds a $151-million stake in Aston Villa, a $263-million position in Madison Square Garden Sports Corp, a $299-million investment in French chemical company Arkema S.A., and a $214-million stake in Orascom Construction. Combined, these holdings add $927 million to his net worth.