Rug manufacturer Oriental Weavers is planning to increase product prices by around 3-5% after the sales season next September, investor relations manager Ingy El Diwany told Al Mal.
The company did not seek prices hike in the previous quarter with the price increase in energy and other supplies, in order to maintain the sales rate in the local market, the official added.
El Diwany added that the company is proceeding with the collection of EGP 20 million from Export Support Fund, expecting the collection to be carried out in this year.
The official also attributed the rise in H1 net profit to EGP 251.020 million to the increase in sales to EGP 2.845 billion from EGP 2.751 billion due to strong seasonal demand.