Oriental Weavers Carpet targets $15mln investments in 2022

The company will also equip some factories with new looms and machines
Oriental Weavers Carpet targets $15 million investments as part of the company’s plan for 2022.
The company will also equip some factories with new looms and machines and raise their efficiency to increase production, according to a bourse filing on Tuesday.

Meanwhile, the company’s investment and expansion plan 2021 is expected to reach around $26 million.

It is noteworthy to mention that in the first nine months (9M) of 2021, the company recorded consolidated net profits of EGP 960.24 million, a surge of 57.9% year-on-year (YoY) from EGP 607.904 million, including minority shareholders’ rights.