Oriental Weavers, a leading textile company, has announced impressive financial results for the first nine months (9M) of 2023, showcasing substantial growth in consolidated net profits after tax. The company’s financial performance reflects a resilient business strategy and an upward trajectory in key financial indicators.
Consolidated net profits after tax, including minority interest, soared to EGP 1.38 billion in 9M-23, marking a remarkable year-on-year increase from EGP 583.74 million in the same period of the previous year. The boost in net sales was equally noteworthy, reaching EGP 12.87 billion in January-September 2023 compared to EGP 9.48 billion in 9M-22, as revealed in the consolidated financial statements.
The company’s total assets experienced substantial growth, reaching EGP 22.45 billion in 9M-23, compared to EGP 19.17 billion as of December 31, 2022.
In terms of standalone business performance, Oriental Weavers generated EGP 1.046 billion in standalone net profits after tax during 9M-23, showcasing consistent financial strength compared to EGP 1.049 billion in the same period of the previous year.
Non-consolidated revenues demonstrated a significant increase, reaching EGP 5.12 billion as of September 30, 2023, compared to EGP 4.05 billion a year earlier. However, the basic earnings per share (EPS) slightly decreased to EGP 1.57 from EGP 1.58.
For the third quarter (Q3) of 2023, Oriental Weavers continued its impressive financial performance. Consolidated net profits for Q3-23 amounted to EGP 649.03 million, representing a substantial annual increase from EGP 99.10 million. Net sales in Q3-23 reached EGP 4.47 billion, showing a significant YoY growth from EGP 2.97 billion.
Separate net profits after tax widened to EGP 427.82 million in Q3-23, compared to EGP 301.42 million in Q3-22, while revenues surged to EGP 1.67 billion from EGP 1.31 billion.
In the first half (H1) of 2023, the company’s consolidated net profits after tax experienced a remarkable 51.30% YoY increase, reaching EGP 733.39 million from EGP 484.63 million, including non-controlling interest.
Oriental Weavers’ robust financial performance in 9M-23 underscores its resilience and effectiveness in navigating market dynamics, positioning itself as a key player in the textile industry.
Oriental Weavers’ stocks on the Egyptian Exchange have witnessed a notable surge of 10.64 percent since September 13, climbing from $0.5323 on that date to $0.5890. This positive trend has resulted in substantial returns for shareholders, reflecting the company’s robust financial performance.
The market value of the Khamis family’s significant stake has seen a remarkable uptick, increasing by $21.31 million in just 69 days. Starting at $200.33 million on September 13, the market value has reached $221.65 million, driven by the substantial double-digit percentage growth in Oriental Weavers’ share price during this period.
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