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Ethiopia’s Richest Man Rebounds
Ethiopian-born billionaire Mohammed Al-Amoudi has seen his fortune rebound sharply in 2025, climbing to nearly $8 billion after a series of strategic moves and despite mounting challenges at his flagship energy company, Preem AB.
The turning point came in April when Al-Amoudi sold Svenska Petroleum Exploration, adding $2.2 billion to his personal wealth. His stake in Preem has also gained value, rising from $5.09 billion to $5.47 billion, offsetting earlier declines linked to weaker gold assets and the Svenska divestment. Bloomberg’s Billionaires Index now places him firmly among Africa’s wealthiest industrialists.
Preem’s Struggles in Q2
Preem, Sweden’s largest oil and biofuels supplier, reported $2.7 billion in second-quarter 2025 revenue, down 28% from last year. The company cited weaker diesel and gasoline margins, softer demand, and a scheduled turnaround at its Gothenburg refinery.
The weaker results pushed Preem to a net loss of $93.6 million, compared with a profit of $50.8 million a year earlier. Operating cash flow slipped to –$55.4 million, while adjusted EBITDA fell to $73.2 million, underscoring the challenging market conditions for European refiners.
Global Business Empire
Beyond Preem, Al-Amoudi controls a diversified global portfolio. His Midroc Group in Ethiopia, along with Granitor and Midroc Europe in Sweden, cover industries from construction to mining. In Saudi Arabia, his Naft Services fuel retailer is valued at $636 million, giving him a solid foothold in the Middle East’s energy retail sector.
Analysts argue that this breadth has helped him withstand volatility and maintain his position as Ethiopia’s richest man and one of Africa’s most influential industrialists.
Betting on Renewables
In a sign of long-term strategy, Preem inaugurated its Synsat renewable facility in Lysekil this quarter. The plant is expected to boost renewable fuel output by nearly 900,000 cubic meters annually, positioning the company as a major player in Europe’s clean energy transition.
The launch coincides with VARO Energy’s acquisition of Corral Petroleum Holdings AB, Preem’s parent company — a deal that analysts say could reshape Sweden’s energy sector and accelerate its pivot toward renewables.
Bottom Line: Even as Preem weathers financial turbulence, Mohammed Al-Amoudi’s fortune and influence are on the rise. With a portfolio spanning Ethiopia, Europe, and the Middle East, he remains one of the most resilient and consequential figures in global energy and industry.
