Oriental Weavers, an Egyptian carpet producer controlled by leading business executive Yasmine Mohamed Khamis, has announced its intention to open four new sales locations across Egypt.
The move, which is a deliberate effort to complement the group’s constant product innovation and increased capacity utilization, will build on the firm’s successful route to market strategies as the leading carpet producer expands its reach.
According to Mubasher, the new showrooms will open in Dakahlia’s Mansoura, Sheikh Zayed City in Giza, Badr in El-Beheira, and El-Qanater El-Khayreya in Qalyubia.
The opening of new sales branches, in accordance with Oriental Weavers’ strategic development goals, is projected to produce value for shareholders by increasing earnings and revenue.
Oriental Weavers, which has manufacturing facilities in three countries, is one of the world’s largest manufacturers of machine-made carpets.
It distributes products in around 150 countries worldwide under the management of Yasmine Mohamed Khamis and other members of the Khamis family, who collectively own a 56.58-percent controlling interest in the top carpet manufacturer.
Due to demand-pull dynamics in the worldwide carpet market, the Egypt-based carpet producer generated its highest-ever revenue of EGP11.4 billion ($725.2 million) at the end of 2021.
The carpet manufacturer reported a 20-percent increase in revenue from EGP9.48 billion ($603 million) in 2020 to EGP11.4 billion ($725.2 million) at the end of 2021, driven by strong growth across all operating segments as a result of the demand-pull dynamics observed in the international carpet market.
As of press time on March 21, shares in the Egyptian carpet manufacturer were trading at EGP8.9 ($0.4884), 7.75-percent higher than their opening price on the Egyptian Stock Exchange this morning.
Oriental Weavers’ market capitalization is now valued at EGP5.92 billion ($324.9 million), while the Khamis Family’s 56.58-percent controlling interest in the leading carpet maker is worth EGP3.35 billion ($183.9 million).