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Khamis family leads Oriental Weavers to record $106-million revenue in Q1 2024

Oriental weavers led and majority owned by the Egyptian Khamis family recently published its Q1, 2024 results.

Yasmine Mohamed Khamis
Yasmine Mohamed Khamis

Table of Contents

Key Points:

  • In Q1 2024, Oriental Weavers achieved a 22% year-on-year increase in revenues, reaching EGP 5,038 million ($106.45 million).
  • The company’s gross profit increased by 71% y-o-y, reaching EGP 961 million ($82.53 million), compared to EGP 562 million ($40 million) the previous year.
  • Earnings before interest, taxation, depreciation, and amortization (EBITDA) for the first quarter stood at EGP 1,035 million ($88.31 million), a 67% increase compared to the previous year.

Cairo-based Oriental Weavers, led by Egyptian business executive Yasmine Mohamed Khamis and her siblings, posted robust financial results for the first quarter of 2024.

The leading maker of machine-woven carpets and rugs achieved a 22% year-on-year increase in revenues, reaching EGP 5,038 million ($106.45 million), up from EGP 4,142 million ($87.52 million) in the same period last year. This growth was driven by higher average selling prices, volume recovery, and the impact of EGP devaluation. International sales constituted 58% of total revenues, increasing by 12% y-o-y.

The company’s gross profit increased by 71% y-o-y, reaching EGP 961 million ($82.53 million), compared to EGP 562 million ($40 million) the previous year. This resulted in a gross profit margin of 19.1%, attributed to operational efficiency, the group’s reengineering efforts, and favourable pricing dynamics.

Net attributable income was EGP 427 million ($9.02 million), a 4.1% y-o-y increase from EGP 411 million ($8.68 million) last year. The company also reported a net income of EGP 558 million, up 38% y-o-y from EGP 404 million last year.

Earnings before interest, taxation, depreciation, and amortization (EBITDA) for the first quarter stood at EGP 1,035 million ($88.31 million), a 67% increase compared to the previous year. The outstanding financial results affirm Oriental Weavers’ resilience and strategic prowess, positioning the company as a prominent player in the global carpet manufacturing landscape.

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

Billionaires.Africa recorded that Yasmine Mohamed Khamis and other Khamis family members own a 56.58% controlling interest in the company, which sells its products in approximately 150 countries worldwide.

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