Ahmed El-Sewedy, a renowned Egyptian entrepreneur, has experienced an astonishing surge in the market worth of his ownership share in El Sewedy Electric. Since the beginning of this year, his stake has skyrocketed by an impressive $380 million.
According to reports, Ahmed El-Sewedy, acknowledged as one of Egypt’s most affluent entrepreneurs, has observed a significant increase in the market value of his ownership share in El Sewedy Electric.
At the beginning of the year, with a starting value of EGP17.71 billion ($573.26 million), the worth of Ahmed El-Sewedy’s stake has now escalated to EGP29.57 billion ($956.86 million) as of the current report. This remarkable growth amounts to an impressive surge of EGP11.85 billion ($383.6 million).
The remarkable increase in El-Sewedy’s ownership stake not only reaffirms his standing as one of the most prosperous investors on the Egyptian Stock Exchange but also firmly establishes his position as one of the wealthiest businessmen in the country.
The significant rise can be attributed to the continuous upsurge in the company’s shares since the beginning of the year.
What you should know about El Sewedy Electric
Since January 1st, El Sewedy Electric shares listed on the Egyptian Exchange have undergone an impressive ascent of approximately 67%. Starting at EGP12 ($0.388), they have climbed to EGP20 ($0.648) as of the time of reporting. Consequently, the market capitalization of the group has exceeded $1.4 billion.
Established in 1938 by the El-Sewedy family, El Sewedy Electric holds a prominent position in the electrical equipment manufacturing industry. The company has played a vital role in the advancement of electrical projects across the Middle East and North Africa, making substantial contributions to the region’s development.
El Sewedy Electric’s leadership
Together with his siblings Sadek and Mohammed, El-Sewedy holds a combined ownership stake of 68 percent in the company.
Under their astute leadership, Elsewedy Electric witnessed an astonishing 48.96 percent surge in profit by the end of the 2022 fiscal year. Profits soared from EGP3.86 billion ($125.4 million) to EGP 5.75 billion ($186.9 million), fueled by robust growth in sales and revenue.
Building upon this remarkable financial performance, the group continued its upward trajectory with a substantial increase in profits during the first quarter of 2023. Profits surged from EGP760.9 million ($24.62 million) in the corresponding period last year to an impressive EGP2.9 billion ($94.01 million).
The exceptional growth can be attributed to outstanding performances across the various operating units of the conglomerate.
Simultaneously, the group’s revenue witnessed a remarkable upswing, showcasing a staggering growth of 79.5 percent from EGP18.57 billion ($601.03 million) in the first quarter of 2022 to EGP33.33 billion ($1.08 billion) in the first quarter of 2023.
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