Oriental Weavers Carpet Company, an Egyptian-based carpet manufacturer led by Yasmine Mohamed Khamis and her siblings, delivered robust performance in the second quarter, reporting a 31-percent year-over-year increase in revenue. Gross profit margins reached 14 percent, with an EBITDA margin of 15.5 percent. The strong results extended to the first half of the year, with revenues up 29 percent year-over-year and gross profit margins of 13.8 percent.
In the second quarter of 2023, consolidated revenues surged by 31 percent year-over-year (three percent quarter-over-quarter) to reach EGP 4.256 billion ($137-million). Export revenue, comprising 68 percent of total revenues, saw a 34-percent year-over-year increase (10 percent quarter-over-quarter), while local sales rose by 25 percent year-over-year (with a 10-percent decrease quarter-over-quarter). These impressive top-line figures were underpinned by local price hikes and the impact of devaluation.
Gross profit amounted to EGP 594 million ($19.2-million), marking a 55-percent year-over-year increase (six percent quarter-over-quarter) and a corresponding margin of 14 percent, compared to 11.8 percent in the second quarter of 2022.
This margin improvement resulted from higher average selling prices that outpaced the rise in raw material costs in EGP terms. The cost of goods sold to sales ratio stood at 86 percent in the second quarter of 2023, down from 88 percent in the same period of 2022.
EBITDA for the second quarter of 2023 totaled EGP 658 million ($21.2-million), reflecting a robust 62-percent year-over-year growth, with an EBITDA margin of 15.5 percent, up from 12.5 percent in the second quarter of 2022. The year-on-year improvement stemmed from increased gross profitability translating into higher EBITDA.
Net attributable profit surged by 37-percent year-over-year to EGP 290 million ($9.38-million), compared to EGP 211 million ($6.8-million) in the second quarter of 2022.
During the second quarter of 2023, Oriental Weavers inaugurated three new local showrooms, bringing the total count to four new showrooms since the start of 2023 and a cumulative 268 showrooms across Egypt.
Egyptian businesswoman and executive Yasmine Mohamed Khamis, along with her siblings, holds a controlling interest of 56.58 percent in the leading carpet manufacturer.
The company distributes its products in approximately 150 countries worldwide.
The Khamis family’s stake in the group is valued at EGP 6 billion ($194 million).
