Since the start of the year, the Egyptian Khamis family, renowned for their pivotal role in the carpet industry, has seen a remarkable surge of over $50 million in the market value of their equity interest in Oriental Weavers.
This substantial growth comes as a result of sustained buying pressures on the Egyptian Stock Exchange, leading to a significant rise in Oriental Weavers’ shares and impressive gains for the multimillionaire family.
The Khamis family, one of Egypt’s wealthiest, currently holds a majority stake of 40.58 percent in Oriental Weavers, a leading carpet manufacturer with a global presence. The company’s finished products are sold in more than 150 countries, solidifying its position as a key player in the MENA region.
As of press time on July 27, shares in Oriental Weavers were trading at EGP14.62 ($0.473), marking a 1.44-percent increase from their market opening price earlier in the day. Value investors have been keenly investing in the company, further boosting its shares above key technical support levels.
The year 2023 has been particularly lucrative for shareholders of Egypt’s leading carpet manufacturer. Since the start of the year, shares have skyrocketed from EGP10.40 ($0.337) per share to EGP14.46 ($0.437) per share, resulting in an impressive 40.58-percent gain over the past 207 days.
The surge in Oriental Weavers’ shares has significantly bolstered the market value of the Khamis family’s 56.58-percent stake. The value of their holdings has increased by EGP1.57 billion ($50.65 million), soaring from EGP3.9 billion ($124.8 million) on July 27 to EGP5.4 billion ($175.5 million) at the time of writing this report, highlighting the family’s considerable wealth increase in recent times.
Investors have been particularly drawn to Oriental Weavers due to the company’s impressive financial performance. In the first quarter of 2023, the group’s profit surged by an astonishing 73.79 percent, fueled by a substantial 26.87 percent increase in sales.