Led by wealthy Khamis family of Egypt, Oriental Weavers’ profit surges 74 percent y-o-y in Q1 2023

Oriental Weavers Carpet (ORWE), one of the world’s largest carpet manufacturers controlled by the wealthy Egyptian Khamis family, has reported double-digit revenue growth in Q1 2023 amounting to 27 percent year-on-year (y-o-y), with gross profit margins reaching 13.6 percent and EBITDA hitting 14.9 percent.

Oriental Weavers Carpets increased its consolidated profit attributable to the parent business by 73.79 percent y-o-y in Q1 2023, according to financial papers filed with the Egyptian Exchange (EGX) on May 15.

In Q1 2023, the company reported a consolidated profit attributable to the parent company of EGP 410.613 million ($13.2 million), up from $7.65 million in the same quarter the previous year.

Net sales increased by 26.87 percent y-o-y, reaching $134 million for the first three months of this year, up from $105.6-million in January-March 2022.

Standalone net profit after tax fell to $18 million in the three months ending March 31, from EGP $20.8-million the previous year.

Founded in 1979 and listed on the EGX in 1997, Oriental Weavers is one of the world’s largest machine-woven carpets and rugs manufacturers for the domestic, commercial, and hospitality industries. It also creates woven textiles and tapestries and has a variety of area rug lines. It has production facilities in three countries.

Egyptian businesswoman Yasmine Mohamed Khamis and other Khamis family members own a 56.58-percent controlling interest in the leading carpet manufacturer, which sells its products in approximately 150 countries throughout the world.