Oriental Weavers Carpets (ORWE) posted a 4.1% year-on-year (YoY) increase in consolidated net profits attributable to the parent company in the first quarter (Q1) of 2024, recording EGP 427.418 million, compared to EGP 410.614 million, according to a statement.

Net sales jumped to EGP 5.038 billion from January through March, up from EGP 4.142 billion in the same period last year.

The firm garnered standalone net profits after tax of EGP 1.377 billion in Q1 2024, versus EGP 554.813 million in Q1 2023.

Meanwhile, standalone net sales rose to EGP 2.149 billion from EGP 1.839 billion.

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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