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Egypt’s Khamis family has gained EGP1.2 billion ($75.3 million) in the past 133 days as shares in the Cairo-based carpet maker Oriental Weavers surged to their highest price since May 2018.
Oriental Weavers is one of the largest carpet manufacturers in the world. The group was founded in 1979 by industrialist and entrepreneur Mohammed Farid Khamis.
Its products include area rugs, custom carpets and Gobelin tapestry through segments including woven, tufted, non-woven felt, fibers and handmade.
The Khamis family holds a joint 56.6-percent majority stake in the carpet company, with Farida Khamis, Yasmine Khamis, Milo Slava Khamis and Amir Khamis holding leadership roles in the family business.
The multimillion-dollar gain in the stake can be linked to the performance of the carpet maker’s shares on the Egyptian Stock Exchange, as investors remain bullish over its financial performance in 2021.
This bullish bias was supported by Oriental Weavers’ financial results in the first half of 2021, as the group recorded growth in its operations at the end of the half-year period.
Figures contained in the half-year financial report revealed that the group’s net profit for the period surged by 151 percent to EGP670 million ($43 million) due to enhancing productivity and restructuring costs.
This performance was delivered on the back of cost mitigation strategies that the group deployed during the period, as increased freight and raw materials costs, notably polypropylene, was mitigated by rising prices across its product range.
As of press time, 6:30 AM (UTC), Sept. 14, shares in the leading carpet maker on the Egyptian bourse were worth EGP9.19 ($0.585), 53.4-percent higher than its opening price of R5.99 ($0.381) on May 4, 133 days ago.
The price appreciation caused the market value of the family’s stock to jump from EGP2.2 billion ($140.9 million) on May 4 to EGP3.4 billion ($216.2 million) at the time of writing.
This translates to a gain of EGP1.2 billion ($75.3 million) for the family in 133 days.
