Oriental Weavers’s consolidated profits soar 43.69% YoY in 9 months
Updated 11/17/2024 9:26:00 AM
Arab Finance: Oriental Weavers Carpets (ORWE) posted a 43.69% year-on-year (YoY) increase in consolidated profits attributable to the parent company for the first nine months of 2024, according to the financial statements filed to the Egyptian Exchange (EGX) on November 17th.
The company recorded a consolidated profit attributable to the parent company of EGP 1.862 billion in the January-September period of this year, up from EGP 1.296 billion in the same period a year earlier.
Net sales climbed to EGP 17.201 billion, compared to EGP 12.873 billion during the January-September period of 2023.
Standalone net profits after tax rose to EGP 1.897 billion in the nine-month period ended September 30th from EGP 1.046 billion in the same period the year before.
Founded in 1979 and listed on EGX in 1997, Oriental Weavers has emerged as a producer of machine-woven carpets and rugs for the residential, commercial, and hospitality industries.
It also offers various lines of area rugs as well as manufactures woven goblins and tapestries.
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