Latest in Tag: Oriental Weavers Highlight
Latest in Tag: Oriental Weavers
For the woven segment, nine new looms will be added to the company’s current capabilities, two of which have already arrived, whilst four Goblin machines will be added to satisfy the intense increase in demand.
Company aims to increase prices by 3% in 2021, capex expected to reach $17m-$20m
The price of the main raw material polypropylene amounted to $985/tonne, down 2.9% q-o-q and 9.4% y-o-y.
Oriental Weavers’ export rebate backlog stood at EGP 317m by the end of June 2019, with total dues amounting to EGP 509m as of July 2020. The company is also discussing several alternatives for the export rebates due from July 2019 until June 2020.
Company notes COVID-19-induced slowdown in demand since February 2020
The company’s performance is expected to improve with the support of pent-up demand from postponed weddings and national projects. It will be further supported by the launch of higher-quality products that will compete with the cheaper Turkish and Chinese variants.
We anticipate further decline in sales during 2Q 2020, plans projected to maximise 3Q results, says Khamis
Oriental Weavers revenues for fiscal year (FY) 2019 came in at EGP 10.1bn (-2.6% year over year (YoY)) owing to the -5.0% YoY decline in EGP-denominated prices and 2.5% expansion in volumes
The program also allows exporters to apply for industrial land through the new online land allocation portal.
Egypt’s Oriental Weavers Group revealed new details about its planned industrial city, Orientals Industrial City (OIC), in Ain Sokhna, announcing that the project will be built on an area of 10.5m sqm at a cost of EGP 13bn. The new industrial city would be developed and managed by the company’s subsidiary Orientals for Industrial Development …
Company posted 40% y-o-y surge in consolidated profits for 2017
The prosecution did not move forward with the charges against the company and dismissed the case, says Oriental Weavers
The company Oriental Weavers plans to inject EGP 100m in investments during the second half of 2016 to expand its production capacity. The company aims to add seven new looms after its merger with Rozatks Modern Spinning and Weaving Company, bringing the total capital expenditures to $14.5m and the production capacity to 4.2m sqm. Mohamed …
Exporting Committee developed a strategy to help its subsidiary MAC out of the exports decline, based on adding new production lines and opening new African and Asian markets
The company has three-part plan to stimulate exports by purchasing new machines, entering new markets in Gulf, Asia
Political and economic turbulences in some export countries reduced exports’ revenues, company expands in new markets
Recovery parallels US and European stocks’ upturn
The group is charged with carrying out monopolistic practices and may pay a fine of up to EGP 300m
The Egyptian currency’s devaluation is a step in the right direction, but the Egyptian industry needs more incentives
By Mohamed Ayyad and Mohamed Mostafa Oriental Weavers sales are expected to reach EGP 5.8bn this year, compared to EGP 5.5bn in 2013, according to the company’s founder Mohamed Farid Khamis. He added that last year exports reached EGP 3.9bn, representing 65% of sales. Khamis also revealed that two new factories to be located in …
Net profit rose to EGP 369.12m last year on sales up 13% at EGP 5.52bn, boosted by new designs, Oriental Weavers said in a statement.
The acceptance of Egypt’s pending IMF loan will have a positive effect on the economy and there will be an increase in tourism and FDI throughout the year, says EFG
By Reuters CAIRO: Egypt’s Oriental Weavers, the world’s biggest machine-woven carpet maker, may report earnings growth of 33 percent in 2012 helped by easing raw material prices and increased demand, CI Capital said and upgraded the stock to “buy”. The company’s profitability was hurt over the last year due to increased raw material costs, political …