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Egyptian steel tycoon Ahmed Ezz gains $71 million in 21 days as Ezz Steel shares see double-digit surge
Egyptian multimillionaire Ahmed Ezz has seen the market value of his stake in Ezz Steel rise by EGP1.11 billion ($71.03 million) in the past 21 days, as shares in Ezz Steel surged by double digits.
The double-digit surge in the steelmaker’s share price can be linked to investor cherry-picking activities on the Egyptian Stock Exchange after shares in the leading steelmaker fell to their lowest price since June due to profit-booking and portfolio rotation works on the bourse.
Ezz Steel is the largest independent steel producer in the Middle East and North Africa, with a steel production capacity of 7 million tonnes per year, which it trades and distributes through its regional subsidiaries.
In addition, the company noted that it has the capacity to produce 4.7 million tonnes of rebar and wire rod per year to meet challenging international standards.
Ezz, who founded the Egypt-based steel manufacturer in 1994, holds a majority 60.7-percent stake in the leading steel manufacturer.
As a result of the recent buying interests, the share price of Ezz Steel since Sept. 27 has increased from EGP12.07 ($0.769) to EGP15.45 ($0.9844) at the time of writing. This translates to a 28-percent gain for shareholders.
The market value of Ezz’s stake in the company has increased from EGP3.98 billion ($253.63 million) on Sept. 27 to EGP5.1 billion ($324.66 million) at the time of writing.
This translates to a gain of EGP1.11 billion ($71.03 million) for the steel tycoon in 21 days.
The multimillionaire in June acquired additional stakes in the steel company. This acquisition increased his ownership interest in the Egypt-based steel manufacturer to 60.7 percent from 27.3 percent.
Despite the rigidities in its operating environment, Ezz Steel posted EGP2.40 billion ($152.87 million) in profit in the first half of 2021.
This impressive result came off a double-digit increase in revenues from EGP17.83 billion ($1.14 billion) in 2020 to EGP30.42 billion ($1.94 billion) at the end of the first half of 2021.
