Ethiopian billionaire Mohammed Al-Amoudi has seen his net worth decline by $170 million since the start of November, owing to the revaluation of his investments in Svenska and Preem.
Data retrieved by Billionaires.Africa revealed that since early November, exactly 16 days ago, Al-Amoudi’s net worth has fallen from $7.22 billion to $7.05 billion as of the time of writing.
This translates to a $170-million net-worth loss for the Ethiopian billionaire in the past 16 days.
Al-Amoudi controls a collection of industrial assets in Sweden, Saudi Arabia, Ethiopia and Morocco. These assets include Svenska Petroleum Exploration, Preem, Sweden’s largest oil refiner, and a 67-percent stake in Samir, Morocco’s only oil refiner.
In addition to these assets and investments, he also owns Ethiopia-based Midroc Gold, the country’s biggest miner, which also maintains active investments in the hotel, oil and agro-allied industries.
The multimillion-dollar net-worth loss, according to information gathered by Billionaires.Africa can be linked to the revaluation of his stake in Svenska and Preem, as the energy groups contribute significantly to his $7.05-billion net worth.
The decline in the value of his investment in Svenska and Preem can be linked to the economic downturn and declining fuel demand due to the COVID-19 pandemic and its impact on the global refinery industry.
As a result of the disruption, Preem posted a 31-percent decline in revenue in 2020 from SEK84.69 billion in the previous year to SEK58.19 billion ($6.57 billion), while its gross profit for the period fell from SEK2.83 billion ($319.6 million) to SEK575 million ($64.9 million).
Al-Amoudi’s net worth of $7.05 billion makes him the richest man in Ethiopia, and one of the wealthiest men in Africa.
