Just 16 days after the crown jewel of his investments surged above the $700-million mark, Egyptian businessman Ahmed Ezz is hurtling towards billionaire status as his stake in Ezz Steel skyrockets to $807 million, fueled by optimism on the Egyptian Exchange (EGX) .
Ezz-who ranks among the wealthiest investors on the EGX-has seen his stake in Ezz Steel, Egypt's largest steel company and the dominant player in the Middle East and North Africa region, increase by more than $90 million to reach $807 million.
This latest boost comes on the heels of an earlier gain between Aug. 5 and 12, when his stake rose by EGP5.24 billion ($104.26 million) , pushing its value from EGP29.85 billion ($605.48 million) to EGP35 billion ($710 million).
Profit recovery boosts Ezz Steel sharesEzz Steel, the largest steel producer in Egypt and the MENA region, recently reported a consolidated profit after tax of EGP1.26 billion ($26 million) in Q1 2024, a significant turnaround from a loss of EGP2.48 billion ($51 million) in the same period last year.
