Oriental Weavers named among Forbes Middle East’s list of top 50 EGX-listed companies
Updated 7/1/2024 12:36:00 PM
Arab Finance: Oriental Weavers was named one of the Top 50 Listed Companies in Egypt by Forbes Middle East, as per an emailed press release.
“With our products reaching over 130 countries worldwide, we have not only established ourselves as a symbol of Egyptian craftsmanship but also as a significant contributor to the nation's economic growth through robust export activities,” Yasmine Khamis, Chair of Oriental Weavers Carpet, said.
In 2023, the company’s export revenue grew by 34% year on year (YoY), driven by the devaluation of the local currency, while local sales also rose by 31% YoY.
In the first quarter (Q1) of 2024, the company achieved record revenues, rising by 22% YoY.
Meanwhile, net income stood at EGP 558 million, recording a 38% YoY increase.
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