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Ahmed Ezz, an Egyptian millionaire businessman and the founder of Ezz Steel, has made significant financial gains of millions of dollars as a result of the recent spike in the company’s shares.
Ezz’s stake in the steel giant has increased by EGP1.98 billion ($64.14 million) in just seven days, highlighting the company’s ongoing upward trend.
Ezz Steel, the largest independent steel manufacturer in the Middle East and North Africa, has delivered remarkable financial results, boosting investor interest and trust. Ezz Steel surpassed competitors such as Saudi Arabia’s Hadeed and Emirates Steel, producing 5.14 million metric tonnes in total.
Ezz Steel’s shares on the Egyptian Exchange have increased by 8.35% in the past week, from EGP71.99 ($2.329) on February 27 to EGP78 ($2.524). This boom has increased the company’s market valuation beyond $1.3 billion, resulting in significant benefits for shareholders.
Ezz, a significant role in Egypt’s industrial scene, currently owns 60.7% of Ezz Steel, which equates to 329,816,198 shares. This huge investment places him not only as one of the richest investors on the Egyptian Exchange, but also among Egypt’s wealthiest individuals.
The jump in Ezz Steel’s share price has resulted in a spectacular increase in the market value of Ezz’s stock, which has risen from EGP23.74 billion ($768.34 million) on February 27 to EGP25.73 billion ($832.48 million) at the time of writing.
This increase in wealth solidifies Ezz’s position as a top investor on the Egyptian Exchange, bolstering his status as a key figure in Egypt’s financial landscape.
