November 15, 2021

Oriental Weavers sees 62% profit increase


ArabFinance: Oriental Weavers Carpets (ORWE) reported a 62% Year on Year increase in its consolidated net profit during the first nine months of 2021, according to the company’s filing to the Egyptian Exchange (EGX).

Consolidated net profit stood at EGP 858.73 million during the nine-month period ended September 2021, compared to EGP 529.17 million in the corresponding period of 2020.

The company’s standalone net profit recorded EGP 882.01 million by the end of September 2021, compared to EGP 596.26 million in September 2020.

During the first half of 2021, the company reported a consolidated net profit of EGP 599.009 million.

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.

arabfinance


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