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Oriental Weavers records EGP 599.009M profit in H1

Oriental Weavers records EGP 599.009M profit in H1

ArabFinance: Oriental Weavers Carpets (ORWE) reported a consolidated net profit of EGP 599.009 million in the first half (H1) of 2021, compared to profits of EGP 227.26 million in H1 2020, according to the company’s financial statements filed to the Egyptian Exchange (EGX).

The company also generated net sales of EGP 5.61 billion during the January-June period of 2021, compared to sales of EGP 4.078 billion in H1 2020.

Meanwhile, the company’s standalone net profit after tax stood at EGP 752.377 million in H1 2021, up from EGP 525.75 million in the prior-year period.

It is worth noting that Oriental Weavers achieved a consolidated net profit of EGP 299.74 million during the first quarter (Q1) of 2021, 72% higher from 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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