Oriental Weavers' consolidated profit surges 74% YoY in Q1: Egypt

Oriental Weavers Carpets (ORWE) posted a 73.79% year-on-year (YoY) increase in consolidated profit attributable to the parent company for the first quarter (Q1) of 2023, according to the financial statements filed to the Egyptian Exchange (EGX) on May 15th.

The company recorded a consolidated profit attributable to the parent company of EGP 410.613 million in Q1 2023, up from EGP 236.264 million in the same quarter a year earlier.

Net sales climbed by 26.87% YoY, hitting EGP 4.142 billion during the first three months of this year, compared to EGP 3.264 billion during the January-Mach period of 2022.

Standalone net profit after tax dropped to EGP 554.812 million in the three-month period ended March 31st from EGP 644.060 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