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Prime Research expects positive impact of government's decision on Oriental Weaver

Prime Research expects positive impact of government's decision on Oriental Weaver

ArabFinance: Prime Holding’s Research Unit has anticipated that Oriental Weavers (ORWE) will be positively affected by the decision of the Ministry of Trade and Industry to impose anti-dumping duties on imports of machine-made rugs and carpets from Turkey, according to Al Mal News.

It is expected that the decision will be positive for local carpet makers in general, and for oriental carpet weavers in particular, Prime said.

Oriental Weavers 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.

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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