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Oriental Weavers reports EGP 462m profit in H1

Oriental Weavers Carpet posted a 41.5% year-on-year profit hike during the first half of 2019.

Net profits increased to EGP 461.83 million in the January-June period of 2019, compared to EGP 326.39 million in the prior-year period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, sales rose by 4.04% to EGP 5.236 billion in H1-19 from EGP 5.033 billion in H1-18.

At the level of standalone business, Oriental Weavers reported net profits of EGP 311.396 million in the six-month period ended 30 June, compared to EGP 211.374 million in the corresponding period a year earlier.

During the first quarter of 2019, Oriental Weavers achieved a profit of EGP 220.29 million, compared to EGP 204.42 million in the year-ago period.

Sales increased to EGP 2.602 billion in the three-month period ended 31 March from EGP 2.5207 billion in the same period a year earlier.

As for standalone business, the EGX-listed company’s profits rose to EGP 115.27 million in Q1-19 from EGP 89.7 million in Q1-18.

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