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Oriental Weavers profit hikes 72%

Oriental Weavers profit hikes 72%

ArabFinance: Oriental Weavers Carpets (ORWE) recorded a consolidated net profit of EGP 299.74 million during the first quarter (Q1) of 2021, 72% higher when compared to EGP 173.92 million in Q1 2020, including minority shareholders’ rights, according to the company’s filing to the Egyptian Exchange on May 30th.

The company's standalone net profit stood at EGP 82.99 million in Q1 2021, compared to EGP 44.1 million in the same period of 2020.

Oriental Weavers recorded a consolidated net profit of EGP 1.11 billion in 2020, 30% lower when compared to EGP 855 million in 2019.

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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