Oriental Weavers Company registers net profit after taxes of LE 1.11B during 2020

CAIRO – 28 February 2021: Oriental Weavers Company recorded a consolidated net profit after taxes of LE 1.11 billion during 2020, compared to LE 855.07 billion during 2019, including minority rights, marking an increase of 29.9 percent.

The net profits of the owners of the parent company amounted to LE 937.43 million in 2020, compared to LE 774.77 million in 2019 while the profits of the non-controlling rights amounted to about LE 174.49 million in 2020, compared to LE 80.3 million in 2019.

The company's sales declined during 2020 to reach LE 9.48 billion by the end of December, compared to LE 10.13 billion during 2019.

As for standalone results, the company's profits declined during 2020 to reach LE 549.33 million, compared to about LE 708.61 million in 2019.

The company achieved a net profit of LE 607.904 million during the nine-month period ending in September 2020, compared to a net profit of LE 597.367 million pounds during the same period of prior year.