Thursday 23 Jan
Oriental Weavers, a prominent Egyptian carpet manufacturer, has firmly denied circulating rumors suggesting the company plans to delist its shares from the Egyptian Exchange. In a disclosure to the Egyptian Exchange in response to inquiries, the company confirmed that the rumors about a takeover bid for its shares are unfounded. Oriental Weavers emphasized that it currently does not possess any material undisclosed information.
It's worth noting that Oriental Weavers achieved a robust financial performance during the first nine months of 2024. The company recorded a net profit of 2.17 billion Egyptian pounds, a significant increase compared to the 1.38 billion Egyptian pounds earned in the same period of 2023. This figure considers minority interests.
Sales also demonstrated strong
growth, surging to 17.2 billion Egyptian pounds during the nine-month period,
up from 12.87 billion Egyptian pounds in the corresponding period of the
previous year.
At the standalone level, the company recorded profits of approximately 1.89 billion Egyptian pounds during the January-to-September period of 2024, a substantial increase from the 1.04 billion Egyptian pounds earned in the same period of 2023.
