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Oriental Weavers

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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Kohan Textile Journal is the leading magazine for the Textile industry, Textile machinery, Synthetic Fibers and Nonwovens in MENA region (the Middle East and North Africa) and is published every two months. It basically emphasizes on textile machinery, textile products, carpet and synthetic fibres distributed among the factories, manufacturers, and traders of floorcovering industries.l

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