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Egyptian billionaire Ahmed Elsewedy saw the value of his stake in El Sewedy Electric rise by $174 million in the third quarter of 2026, as shares of the Cairo-based cable and power equipment maker climbed 25.6% on the Egyptian Exchange.
Elsewedy is president and chief executive of El Sewedy Electric, a company his family founded in 1938. He owns 534,980,391 shares, about 25% of the company. Billionaires.Africa calculations show the stake was worth $1.11 billion on Sept. 30, up from $936 million at the start of the quarter.
El Sewedy Electric makes power cables, transformers, meters and other electrical equipment, and builds power plants and grid infrastructure in Egypt and across Africa and the Middle East. It is one of the largest companies on the Egyptian Exchange.
The shares closed at 86.01 Egyptian pounds on June 30 and at 108 pounds on Sept. 30. The stock jumped 12.4% in a single session on Aug. 16 and hit a record 139.70 pounds on Sept. 8. It then fell back in the final weeks of the quarter as the broader Egyptian market declined.
A weaker currency trimmed the gain in dollar terms. The Egyptian pound fell from 49.16 per dollar at the start of the quarter to 52.05 per dollar on Sept. 30, reducing the dollar value of every pound-denominated share by about 5.6%.
Other members of the Elsewedy family who hold shares in the company also gained. Sadek Elsewedy, who holds the same number of shares as Ahmed, saw his stake rise by about $174 million, to $1.11 billion. Mohamed Ahmed Elsewedy's 385,602,690 shares rose in value by about $125 million, to $800 million, and Azza Elsewedy's 64,916,280 shares gained about $21 million.
El Sewedy Electric is due to report its next quarterly results on Nov. 16.
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