Egypt’s wealthy Khamis family is set to earn EGP376.3 million ($23.9 million) in final dividends from their shareholding in the leading carpet manufacturer, Oriental Weavers.
Oriental Weavers, which has production facilities in three countries, is one of the world’s largest manufacturers of machine-made carpets. The carpet producer recorded its highest-ever revenue of EGP11.4 billion ($725.2 million) from product sales in 2021.
Under the leadership of Yasmine Mohamed Khamis and other members of the Khamis family, who together possess a 56.58-percent controlling interest in the leading carpet maker, the Egypt-based group sells products in around 150 countries globally.
The carpet producer recorded a single-digit increase in net profit in 2021, from EGP1.11 billion ($70.6 million) in 2020 to EGP1.21 billion ($77 million), thanks to a continuous increase in revenue to a record high.
The strong financial performance recorded in 2021 spurred the board of the carpet maker to recommend a final dividend payment of EGP665 million ($42.2 million) to shareholders at the end of its 2021 financial year.
The multimillion-dollar dividend will be paid from the group’s retained profits and reserves of EGP1.63 billion ($103.3 million) as of Dec. 31, 2021, resulting in a distribution of EGP1 ($0.0636) per share on all 665,107,268 ordinary shares issued.
The wealthy Khamis family will earn a total dividend distribution of EGP376.3 million ($23.9 million) as a result of their combined stake in the premier carpet manufacturer.
Oriental Weavers’ shares were trading at EGP8.14 ($0.517) as of press time on Feb. 26, giving the company a market capitalization of EGP5.41 billion ($343.82 million).
At the current market price, the Khamis family’s shareholding is worth EGP2.7 billion ($194.2 million).