Cairo-based Oriental Weavers, led by Egyptian business executive Yasmine Mohamed Khamis and her siblings, has posted robust financial results for the fiscal year 2023. The leading maker of machine-woven carpets and rugs achieved exceptional revenues exceeding $570 million — a significant surge from the previous year.
At the end of the 2023 fiscal year, Oriental Weavers reported consolidated revenues of EGP17.66 billion ($571.53 million), showcasing an impressive 33.2-percent year-on-year increase from EGP13.25 billion ($428.95 million) in 2022. This was fueled by a 34-percent uptick in export revenue, comprising 64 percent of the total revenue, along with a 31-percent rise in local sales. The company attributes these impressive figures to a combination of higher average selling prices and local currency devaluation.
The company’s gross profit witnessed an extraordinary 103-percent year-on-year increase, reaching EGP2.55 billion ($82.53 million), compared to EGP1.25 billion ($40 million) in the previous year. This surge resulted in a commendable gross profit margin of 14.4 percent, attributed to operational efficiency, the group’s reengineering efforts, and favorable pricing dynamics.
Earnings before interest, taxation, depreciation, and amortization (EBITDA) for the fiscal year stood at EGP 2.73 billion ($88.31 million), reflecting an 85-percent increase compared to the previous year. The net attributable profit after minority interest surged by 106.4-percent year-on-year, amounting to EGP 1.74 billion ($56.31 million) from EGP 843 million ($27.28 million). The surge is credited to the overall increased revenue, gross profitability, and the impact of the sale of the China facility.
Oriental Weavers: Navigating global markets with operational excellence and adaptability
Founded in 1979 and listed on the EGX in 1997, Oriental Weavers has established itself as a global leader in machine-woven carpets, rugs, woven textiles, and tapestries for various industries. With production facilities in three countries, the company’s products are distributed in approximately 150 countries worldwide.
Under the strategic leadership of the Egyptian billionaire Khamis family, Oriental Weavers continues to strengthen its position in the global carpet manufacturing industry. The company’s board of directors has approved a cash dividend of EGP 1.25 ($0.04) per share for the fiscal year 2023.
Despite economic challenges, Oriental Weavers successfully reduced its total debt to EGP4.7 billion ($151.35 million) in December 2023, marking an 11.37-percent decline from the previous year’s EGP5.3 billion ($170.77 million). This improvement is primarily attributed to enhanced working capital management.
The outstanding financial results affirm Oriental Weavers’ resilience and strategic prowess, positioning the company as a prominent player in the ever-evolving global carpet manufacturing landscape. The impressive figures underscore the success of the company’s operational strategies and market adaptability, making it a notable entity in the industry.
