Cairo – Mubasher: Oriental Weavers Carpet on Wednesday reported a 22% year-on-year surge in profits for the second quarter of 2017 due to an increase in sales, according to a bourse statement.
In the three months ended June 2017, the company achieved profits of EGP 217.4 million from EGP 177.9 million in the corresponding period of the year before.
Oriental Weavers’ sales grew to EGP 2.39 billion in Q2-17 from EGP 1.54 billion in Q2-16.
In the first half of 2017, consolidated profits hiked 74.5% to EGP 475,030 from EGP 272,150 in H1-16.
The firm’s profits amounted to EGP 257.59 million in the three months ended March 2017, versus EGP 94.16 million in the same period of 2016.
Standalone profits levelled up 15% to EGP 184.95 million in H1-17 from EGP 160.69 million in H1-16.
By the end of Tuesday’s trading, Oriental Weavers’ stock inched up 0.44% to EGP 18.21, with a turnover of EGP 1.18 million.
