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The El-Sewedy family, Egypt’s newest billionaire family, witnessed a significant surge in the market value of their stake in Elsewedy Electric during 2023, affirming their status as one of Egypt’s wealthiest families.
According to data tracked by Billionaires.Africa, the family’s collective stake in the multinational electric group increased by EGP28.96 billion ($775.4 million) as investors displayed robust buying interest in Elsewedy Electric shares throughout the year.
Elsewedy Electric records triple-digit surge in share price, market cap soars past $2 billion
Founded in 1938 by the El-Sewedy family, Elsewedy Electric has played a pivotal role in the electrical equipment manufacturing sector, contributing significantly to various projects across the Middle East and North Africa.
With a commanding joint stake of 68.1 percent owned by Ahmed El-Sewedy and his siblings, Sadek and Mohammed, totaling 1,478,358,330 ordinary shares, the company has flourished under their leadership, firmly establishing itself among Egypt’s most valuable companies.
In 2023, Elsewedy Electric shares on the Egyptian Exchange experienced a remarkable surge of 130.7 percent, rising from EGP12.4 ($0.401) on January 1 to EGP28.61 ($0.926) on Dec. 31. This surge propelled the company’s market capitalization beyond the $2-billion mark, delivering substantial value to its shareholders.
El-Sewedy’s family stake surged above $1.3 billion in 2023
As a result of the surge in the company’s shares, the market value of the El-Sewedy family’s joint stake in the group surged from EGP18.3 billion ($593.15 million) on Jan. 1, 2023, to EGP42.3 billion ($1.36 billion) on Dec. 31, 2023 — signifying a noteworthy increase of EGP23.96 billion ($775.41 million) for the family in 2023.
This surge in the market value of the family’s stake in Elsewedy Electric further solidifies their standing as one of Egypt’s billionaire families and prominent investors on the Egyptian Exchange.
