Key Points:
- In Q1 2024, Oriental Weavers achieved a 22% year-on-year increase in revenues, reaching EGP 5,038 million ($106.45 million).
- The company’s gross profit increased by 71% y-o-y, reaching EGP 961 million ($82.53 million), compared to EGP 562 million ($40 million) the previous year.
- Earnings before interest, taxation, depreciation, and amortization (EBITDA) for the first quarter stood at EGP 1,035 million ($88.31 million), a 67% increase compared to the previous year.
Cairo-based Oriental Weavers, led by Egyptian business executive Yasmine Mohamed Khamis and her siblings, posted robust financial results for the first quarter of 2024.
The leading maker of machine-woven carpets and rugs achieved a 22% year-on-year increase in revenues, reaching EGP 5,038 million ($106.45 million), up from EGP 4,142 million ($87.52 million) in the same period last year. This growth was driven by higher average selling prices, volume recovery, and the impact of EGP devaluation. International sales constituted 58% of total revenues, increasing by 12% y-o-y.
The company’s gross profit increased by 71% y-o-y, reaching EGP 961 million ($82.53 million), compared to EGP 562 million ($40 million) the previous year. This resulted in a gross profit margin of 19.1%, attributed to operational efficiency, the group’s reengineering efforts, and favourable pricing dynamics.
Net attributable income was EGP 427 million ($9.02 million), a 4.1% y-o-y increase from EGP 411 million ($8.68 million) last year. The company also reported a net income of EGP 558 million, up 38% y-o-y from EGP 404 million last year.
Earnings before interest, taxation, depreciation, and amortization (EBITDA) for the first quarter stood at EGP 1,035 million ($88.31 million), a 67% increase compared to the previous year. The outstanding financial results affirm Oriental Weavers’ resilience and strategic prowess, positioning the company as a prominent player in the global carpet manufacturing landscape.
Founded in 1979 and listed on the EGX in 1997, Oriental Weavers is one of the world’s largest manufacturers of machine-woven carpets and rugs for domestic, commercial, and hospitality industries. The company also produces woven textiles and tapestries and offers a variety of area rug lines. It has production facilities in three countries.
Billionaires.Africa recorded that Yasmine Mohamed Khamis and other Khamis family members own a 56.58% controlling interest in the company, which sells its products in approximately 150 countries worldwide.