Oriental Weavers aims to invest $15M in 2022

CAIRO - 21 December 2021: The Oriental Weavers Company said that the investment plan for 2022 aims to inject $15 million.

The company explained in a statement to the Egyptian Stock Exchange (EGX) that the plan aims to add a number of new looms and machines, in addition to raising efficiency and developing some factories to increase production.

The company indicated that the investment and expansion plan for 2021 is expected to reach $26 million.

The Oriental Carpet Weavers achieved a net profit of LE 960.24 million during the period from January to the end of last September, compared to a net profit of LE 607.9 million during the same period last year.

The profits of the owners of the parent company rose during the period to LE 858.73 million at the end of September, compared to LE 529.17 million during the same period in 2020.

The profits of non-controlling interests rose during the nine months to LE 101.5 million, compared to LE 78.72 million during the same period last year.

The company's sales rose during the period to reach LE 8.39 billion, compared to LE 6.666 billion during the same period last year.

As for standalone results during the first half of the year, it achieved profits of LE 822 million, compared to profits of LE 596.26 million during the same period of 2020.