The wealthy Khamis family of Egypt — renowned for their pivotal role in the carpet industry — has gained over $21 million from their stake in Oriental Weavers in less than ten weeks, as value investors continue to mop up stakes in the company further boosting its share price above key technical levels on the Egyptian Exchange.
This substantial growth which comes as a result of sustained buying pressures on the Egyptian Stock Exchange has led to a significant rise in Oriental Weavers’ shares and impressive gains for the billionaire family.
Data gathered by Billionaires.Africa revealed that the market value of the Khamis family’s stake in Oriental Weavers has increased by EGP658.56 million ($21.3 million) since Sept. 13 as investors on the local bourse continue to increase their stakes in the Cairo-based group.
Oriental Weavers, crown jewel of Egypt’s billionaire Khamis family, soars on Egyptian Exchange
The Khamis family, one of Egypt’s wealthiest, currently holds a majority stake 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.
Members of the renowned Egyptian family — which includes leading business executive Yasmine Mohamed Khamis and her siblings — own a 56.58-percent controlling interest in the leading Cairo-based carpet manufacturer, which has production facilities in three countries.
Since Sept. 13, Oriental Weavers shares on the Egyptian Exchange have increased 10.64 percent — from EGP 16.45 ($0.5323) on Sept. 13 to EGP18.20 ($0.5890) at the time of writing — returning gains amounting to millions of dollars to its shareholders.
Khamis family fortune soars: stake value surges by $21.3 million in 69 days on double-digit share price jump
As a result of the double-digit percent bump in the group’s share price, the market value of the stake held by the affluent Khamis family has surged by EGP658.56 million ($21.31 million) in just 69 days, from EGP6.19 billion ($200.33 million) on Sept. 13 to EGP6.85 billion ($221.65 million) at the time of writing.
Oriental Weavers experienced a significant increase in its earnings in the first nine months of 2023 as its profit after tax surged to EGP1.38 billion ($44.65 million) — a significant increase from EGP583.74 million($18.88 million) in the nine-month period of 2022.
The surge in earnings was driven by higher sales during the period under review, which saw revenue rise from EGP9.48 billion($306.60 million) in 9M 2022 to EGP12.87 billion ($416.20 million). The group’s total assets also increased significantly — rising from EGP19.17 billion ($619.81 million) at the start of the year to EGP22.45 billion ($725.80 million) as of Sept. 30.
