Table of Contents
Key Points
- Mohammed El-Sewedy’s stake in Elsewedy Electric has surged by $45.8 million this year, reaching $624 million amid a stock rally.
- The company’s stock climbed 7.92% in 2024, pushing its market capitalization beyond $3 billion and delivering strong shareholder returns.
- Founded in 1938, the company remains a key player in Egypt’s energy sector, supplying cables, transformers, and wind energy solutions.
Egyptian businessman Mohammed El-Sewedy has seen a significant rise in the market value of his stake in Cairo-based Elsewedy Electric, which has jumped by millions of dollars, bringing it back to $624 million. The increase has strengthened his standing among Egypt’s wealthiest individuals.
El-Sewedy’s shares climb on EGX
Elsewedy, who owns an 18.01 percent stake—equivalent to 385,602,690 shares—sits on the company’s board alongside family members. Since the start of the year, his stake has risen by EGP2.32 billion ($45.8 million), fueled by a strong rally in the company’s stock on the Egyptian Exchange (EGX).
Last year, Elsewedy Electric experienced a sharp rise, significantly boosting shareholder value. The surge added more than $243 million to Mohammed El-Sewedy’s fortune, with his stake climbing from EGP11.18 billion ($361.31 million) to EGP29.26 billion ($604.88 million).
Elsewedy Electric gains, market cap tops $3 billion
Elsewedy Electric, founded in 1938 by the El-Sewedy family, is a major player in Egypt and the MENA region’s electrical industry. The company supplies cables, transformers, energy meters, and wind energy solutions, strengthening its role in regional energy infrastructure.
Since the start of the year, Elsewedy Electric’s stock on the EGX has climbed 7.92 percent, rising from EGP75.88 ($1.5) on Jan. 1 to EGP81.89 ($1.62) at the time of writing. This rally has lifted the company’s market cap past $3 billion, delivering strong returns to shareholders, including the Elsewedy family.
El-Sewedy’s stake gains $45.8 million
The surge in share price has significantly boosted the market value of Mohammed El-Sewedy’s stake. His holdings have increased by EGP2.32 billion ($45.80 million) since the start of the year, rising from EGP29.26 billion ($578.27 million) to EGP31.58 billion ($624.07 million).
With Elsewedy Electric’s stock maintaining its upward climb, El-Sewedy’s wealth continues to grow, reinforcing his influence in Egypt’s corporate world. As the company expands in the energy sector, investor confidence remains strong, driving further gains for shareholders.
