Egypt: Oriental Weavers posts over $44mln consolidated profits in 9M-23

The consolidated net profits after tax of Oriental Weavers soared year-on-year (YoY) to EGP 1.38 billion in the first nine months (9M) of 2023 from EGP 583.74 million, including minority interest.

Net sales enlarged to EGP 12.87 billion in January-September 2023 from EGP 9.48 billion in 9M-22, according to the consolidated financial statements.

Total assets hit EGP 22.45 billion in 9M-23, versus EGP 19.17 billion as of 31 December 2022.

Standalone Business

The listed firm generated EGP 1.046 billion in standalone net profits after tax during 9M-23, compared to EGP 1.049 billion in January-September 2022.

Non-consolidated revenues jumped to EGP 5.12 billion as of 30 September 2023 from EGP 4.05 billion a year earlier, while the basic earnings per share (EPS) edged down to EGP 1.57 from EGP 1.58.

Financials for Q3-23

During the third quarter (Q3) of 2023, the consolidated net profits of Oriental Weavers amounted to EGP 649.03 million, an annual increase from EGP 99.10 million.

The net sales reached EGP 4.47 billion in July-September 2023, higher YoY than EGP 2.97 billion.

Separate net profits after tax widened to EGP 427.82 million in Q3-23 from EGP 301.42 million in Q3-22, while the revenues surged to EGP 1.67 billion from EGP 1.31 billion.

In the first half (H1) of 2023, the company’s consolidated net profits after tax hiked by 51.30% YoY to EGP 733.39 million from EGP 484.63 million, including non-controlling interest.