Oriental Weavers’s consolidated profits soar 651% YoY in Q3
Updated 11/15/2023 9:53:00 AM
Arab Finance: Oriental Weavers Carpets (ORWE) posted a 651.1% year-on-year (YoY) increase in consolidated profits attributable to the parent company for the third quarter (Q3) of 2023, according to the financial statements filed to the Egyptian Exchange (EGX) on November 15th.
The company recorded a consolidated profit attributable to the parent company of EGP 596.07 million in Q3 2023, up from EGP 79.354 million in the same quarter a year earlier.
Net sales climbed to EGP 4.475 billion during Q3 of this year, compared to EGP 2.977 billion during the July-September period of 2022.
Standalone net profits after tax dropped to EGP 427.821 billion in the three-month period ended September 30th from EGP 301.427 million in the same period the year before.
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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