Egypt" Oriental Weavers' consolidated profit surges 78.2% YoY in H1

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Oriental Weavers Carpets (ORWE) posted a 78.2% year-on-year (YoY) increase in consolidated profit attributable to the parent company for the first half (H1) of 2024, according to the financial statements filed to the Egyptian Exchange (EGX) on August 14th.

The company recorded a consolidated profit attributable to the parent company of EGP 1.248 billion in H1 2024, up from EGP 700.445 million in the same half a year earlier.

Net sales climbed to EGP 10.779 billion during the first six months of this year, compared to EGP 8.398 billion during the January-June period of 2023.

Standalone net profit after tax rose to EGP 1.732 billion in the six-month period ended June 30th from EGP 618.348 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.