Key Points:
- Egypt’s Khamis family gained $11 million in just 6 days due to a surge in Oriental Weavers’ stock.
- Strong Q1 results and investor buying pushed the carpet maker’s share price 7.2% higher.
- Investors enjoyed a 24.6% gain in Egyptian pounds, but currency devaluation reduced the return to -19.1% in USD.
Egypt’s wealthy Khamis family has added more than $11 million to their fortune through the family’s joint stake in Oriental Weavers. The company’s stock has risen on continued investor interest, with active share buying triggering an upswing on the Egyptian Exchange.
According to data from Billionaires.Africa, the Khamis family’s stake in Oriental Weavers has surged by EGP534.37 million ($11.23 million) over the past six days. This follows an earlier gain of $8.3 million between May 13 and 22, when their stake rose from EGP7.04 billion ($150.6 million) to EGP7.42 billion ($158.9 million).
Oriental Weavers soars on strong Q1, market cap tops $290 million
The Khamis family, one of Egypt’s wealthiest, holds a majority stake in Oriental Weavers, a leading carpet manufacturer with a global presence. The company’s products are sold in over 150 countries, solidifying its position as a key player in the Middle East and North Africa.
In Q1 2024, the Cairo-based carpet manufacturer delivered robust first-quarter 2024 results, with revenues climbing 22 percent to EGP5.038 billion ($106.45 million). This growth was driven by higher selling prices, sales volume recovery, and the EGP devaluation.
Fueled by these impressive financials, Oriental Weavers’ shares on the EGX surged 7.2 percent. The stock price rose from EGP19.65 ($0.413) on May 30 to EGP21.07 ($0.443). This propelled the company’s market capitalization above EGP14.4 billion ($290 million), translating to significant gains for shareholders.
Khamis family remains the top investor on the Egyptian Exchange
Yasmine Mohamed Khamis and her siblings, retain a controlling stake of 56.58 percent in the Cairo-based carpet giant, which operates production facilities across three countries.
The recent surge in share price has resulted in a gain of EGP 534.37 million ($11.23 million) for the Khamis family over the past six days, with their stake increasing from EGP7.4 billion ($155.35 million) on May 30 to EGP7.93 billion ($166.57 million).
This further solidifies the Khamis family’s position as leading investors on the Egyptian Exchange and underscores their prominence among Egypt’s wealthiest families.
Your Money and Your Life: Strong performance offset by currency headwinds
Oriental Weavers is among several Egyptian companies that have delivered impressive year-to-date returns in local currency terms. Investors in the leading carpet manufacturer have seen their holdings surge by 24.6 percent so far this year in local currency terms.
However, the devaluation of the Egyptian pound against the U.S. dollar has eroded these gains, resulting in a 19.1 percent year-to-date decline for Oriental Weavers’ investors in dollar terms. A $100,000 investment in the company since January 1 would now be worth $80,886, representing a loss of $19,114.
