Egyptian Businessman Ahmed Ezz Earns Nearly $45M from Ezz Steel Shares

Ahmed Ezz, the creator of Ezz Steel, Egypt’s top steel maker, has seen his wealth jump by over $45 million in the last six (6) days due to the recent rally in the steel company’s share price.

Ezz’s shareholding in Ezz Steel has increased by EGP2.14 billion ($44.93 million) in the last six days. Between May 12-21, his shareholding increased by EGP5.28 billion ($113.13 million) from EGP19.46 billion ($417.16 million) to EGP24.74 billion ($530.28 million).

Ezz Steel, known for its cutting-edge production facilities in Egypt with an annual capacity of 7 million tons, has cemented its position as a regional leader in the Middle East and North Africa (MENA). Ezz Steel typically produces more than 5 million metric tonnes per year, surpassing competitors like Saudi Arabia’s Hadeed and Emirates Steel.

Ezz Steel shares on the Egyptian Exchange have risen by more than 9%. On June 9, the price increased from EGP72 ($1.51) to EGP78.5 ($1.65), bringing the company’s market valuation closer to $9 billion and providing huge benefits to stockholders.

Ahmed Ezz, a senior player in the steel business and a major stakeholder with a 60.7% holding (329,816,198 shares) in Ezz Steel, has seen his stake’s market value surge.

From EGP23.75 billion ($497.73 million) on May 12, his holdings had increased to EGP25.89 billion ($542.67 million), a considerable rise of EGP2.14 billion ($44.93 million) in only six days.

Despite recent advances, Ezz Steel’s shares are down 14.67% year-to-date in local currency terms. After accounting for the Egyptian pound’s depreciation, the decline rises to 44.65 percent.

Investors that joined the market at the beginning of the year are now suffering substantial losses. A $100,000 investment in Ezz Steel at the beginning of 2024 is now worth $55,353, resulting in a significant loss of $44,647.

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