Oriental Weavers’ 2023 consolidated profits rise 106.46% YoY
Updated 2/28/2024 10:20:00 AM
Arab Finance: Oriental Weavers Carpets registered a 106.46% year-on-year (YoY) climb in 2023 consolidated net profits after minority interest, according to the company’s financial income statements filed to the EGX on February 28th.
Net profits attributable to the parent company logged EGP 1.740 billion in 2023, compared to EGP 842.885 million in 2022.
The company generated consolidated net sales of EGP 17.658 billion last year, up from EGP 13.255 billion in 2022.
Meanwhile, the company’s standalone net profit after tax amounted to EGP 1.145 billion last year, dropping from EGP 1.461 billion in the year before.
Founded in 1981, Oriental Weavers Group is one of the largest carpet, rug, and related raw materials producers across the world. It has manufacturing facilities in three countries. The company started trading on the EGX in 1997.
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