Oriental Weavers' consolidated profit surges 56.6% YoY in H1
Updated 8/15/2023 10:06:00 AM
Arab Finance: Oriental Weavers Carpets (ORWE) posted a 56.57% year-on-year (YoY) increase in consolidated profit attributable to the parent company for the first half (H1) of 2023, according to the financial statements filed to the Egyptian Exchange (EGX) on August 15th.
The company recorded a consolidated profit attributable to the parent company of EGP 700.445 million in H1 2023, up from EGP 447.364 million in the same half a year earlier.
Net sales climbed by 29.98% YoY, hitting EGP 8.398 billion during the first six months of this year, compared to EGP 6.511 billion during the January-June period of 2022.
Standalone net profit after tax dropped to EGP 618.348 million in the six-month period ended June 30th from EGP 748.019 million 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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