Egypt's wealthy Khamis family gains $27 million from Oriental Weavers stake 

Timilehin Adejumobi -

Key points: 

  • Khamis family’s wealth surges by $27 million due to rising Oriental Weavers share prices, solidifying their position among Egypt’s wealthiest.
  • Strong Q1 results continue to drive investor interest, boosting the carpet maker’s share price by 17.88%.
  • Despite gains in local currency, Oriental Weavers’ investors face an 11.26% year-to-date loss in USD terms.

The wealthy Khamis family of Egypt has experienced a significant surge in their wealth, adding over $27 million to their fortunes. This cements their position among Egypt’s wealthiest families, thanks to the rising market value of their stake in Oriental Weavers.

According to data tracked by Billionaires.Africa, the Khamis family’s stake in Oriental Weavers has soared by EGP 1.34 billion ($27.68 million) over the past twenty-two days, driven by a sustained increase in the share price of the Cairo-based carpet manufacturer.

The recent $27-million surge follows a previous gain of $11.23 million recorded between May 30 and June 6. During that period, the family’s joint stake increased from EGP7.4 billion ($155.35 million) to EGP 7.93 billion ($166.57 million).

Egypt’s Khamis family’s stake in Oriental Weavers rises

The Khamis family, among Egypt’s wealthiest, owns a majority stake in Oriental Weavers, a top carpet manufacturer with a global footprint. Its products reach over 150 countries, cementing its leadership in the Middle East and North Africa.

Recently, Oriental Weavers’ shares on the Egyptian Exchange (EGX) jumped 17.88 percent, from EGP19.85 ($0.41) on June 9 to EGP23.46 ($0.49). This rise follows robust first-quarter results, with revenue for Q1 2024 growing 22 percent to EGP5.04 billion ($106.45 million).

The substantial increase in share price has boosted the market value of the Khamis family’s stake by EGP1.34 billion ($27.68 million) from EGP 7.47 billion ($154.78 million) on June 9 to EGP 8.81 billion ($182.46 million) at the time of writing. This solidifies the family’s position among Egypt’s wealthiest families and leading investors on the EGX.

Your Money and Your Life: Impact on shareholders

Oriental Weavers shares are among the top performers on the EGX, delivering impressive year-to-date gains in local currency terms. Shareholders of the leading carpet manufacturer have seen their stakes surge by 38.38 percent in local currency.

However, the devaluation of the Egyptian pound against the U.S. dollar has eroded these gains, leading to an 11.26-percent year-to-date loss for Oriental Weavers’ investors in foreign currency terms. Consequently, a $100,000 investment in the company since Jan. 1 would now be worth $88,740, resulting in a loss of $11,260.