Mohammed Elsewedy, an Egyptian businessman, is strengthening his position as one of the country’s wealthiest individuals, as his ownership in Elsewedy Electric, a leading Cairo-based global cable and electrical equipment maker, approaches $500 million.
Recent market data show that the value of Elsewedy Electric’s shares has increased significantly in the last 17 days, increasing Mohammed Elsewedy’s wealth by EGP6.28 billion ($128.7 million) and bringing his total holding to EGP23.13 billion ($474.2 million).
Elsewedy Electric, founded in 1938 by the El-Sewedy family, has significantly impacted the electrical business in Egypt, the Middle East, and North Africa.
Over the last 17 days, the company’s stock on the Egyptian Exchange (EGX) has increased by 37.3 percent, going from EGP43.7 ($0.89) on August 5 to EGP59.99 ($1.23).
This spike has pushed Elsewedy Electric’s market capitalization above $2.5 billion, resulting in large profits for its stockholders, notably Mohammed Elsewedy and his siblings.
Mohammed Elsewedy, Vice President of Elsewedy Electric, has played a key role in growing the family-owned company into a global leader in integrated energy solutions.
Mohammed Elsewedy’s expanding wealth reflects his dedication to the company’s performance, which he owns 17.76 percent of, or 385,602,690 ordinary shares.
The recent increase in Elsewedy Electric’s stock price has increased the market value of Mohammed Elsewedy’s stake by EGP6.28 billion ($128.7 million), from EGP16.85 billion ($345.45 million) on August 5 to EGP23.1 billion ($474.2 million).
This gain strengthens his position among Egypt’s wealthiest people, as his fortune reaches $500 million.
Elsewedy Electric has emerged as one of the best-performing EGX stocks in terms of year-to-date shareholder returns. Investors in this electrical powerhouse have seen their wealth more than double, with profits exceeding 110 percent since the start of the year.
However, the Egyptian pound’s collapse has tempered these spectacular stock gains, decreasing the year-to-date increase to 35% when adjusted for currency depreciation.
A $100,000 investment in Elsewedy Electric at the beginning of the year is now worth $135,000, showing a moderate $35,000 gain.