Mohammed Al-Amoudi’s wealth rebounds past $8.1 billion

Ethiopia’s richest man, Mohammed Al-Amoudi, has regained a significant share of the wealth he lost earlier this year, strengthening his position among the world’s richest Black billionaires. His estimated net worth on the Bloomberg Billionaires Index has climbed to more than $8.1 billion after gaining $2.42 billion since April.

Al-Amoudi finds strength in rebound

The renewed lift in his fortune reflects a sharp reversal from earlier setbacks. At the start of the year, Al-Amoudi was worth $8.85 billion. By early April, his wealth had fallen to $5.73 billion, driven mainly by weakness in parts of his energy portfolio.

The recent $2.42 billion climb puts him at $8.15 billion, narrowing his year-to-date loss to $707 million from the $3.12 billion decline estimated on April 7. While he has not fully recovered to January levels, the improvement marks a clear shift in how markets are valuing his key assets.

Preem profit falls; stake climbs

Much of the rebound is tied to Preem AB, Sweden’s largest oil refiner and the anchor of Al-Amoudi’s portfolio. His stake in the company has risen from under $5 billion to $5.61 billion, even as Preem’s latest financial results paint a difficult picture.

In the second quarter of 2025, sales fell 27.76 percent to SEK25.54 billion ($2.7 billion), down from SEK35.36 billion ($3.73 billion) a year earlier. The company cited weaker diesel and gasoline margins, lower demand, and reduced refining output during a planned maintenance shutdown at its Gothenburg refinery.

Those pressures pushed Preem into a net loss of SEK887 million ($93.62 million), compared with a profit of SEK481 million ($50.77 million) last year. Operating cash flow also turned negative, slipping to SEK592 million ($55.4 million) from SEK1.04 billion ($110.12 million). 

Al-Amoudi’s empire spans nations and industries

Al-Amoudi’s gains highlight the scale of his business empire, with interests in gold mining and major industrial ventures. In Sweden, he owns a minority stake in Granitor and controls Midroc Europe, which operates across construction, engineering, and property development. In Saudi Arabia, his $636 million fuel retailer Naft Services remains a steady contributor to his portfolio.