Cairo – Mubasher: The board of directors of Oriental Weavers Carpet has approved to obtain an EUR 9 million loan from Qatar National Bank Al Ahli (QNB).

The Egyptian household durables company has assigned chairman Salah Abdel Aziz to sign the loan contract, the firm highlighted in a statement to the Egyptian Exchange (EGX) on Wednesday.

The company has not revealed its intentions for getting the loan.

It is worth mentioning that Oriental Weavers had previously posted a net profit of EGP 123.7 million in the third quarter of 2017, compared to EGP 143.7 million in Q3-16.

The company achieved a net profit of EGP 598.7 million in the first nine months of 2017, up from EGP 415.8 million in the prior-year period.