Cairo – Mubasher: Oriental Weavers Carpet is planning to add about eight to ten looms until the end of 2018 with investments range between EUR 10 million to EUR 12 million.

The company’s new expansions in its factories amounted to EGP 324 million the first nine months ended September 2017, the company highlighted in a statement to the Egyptian Exchange (EGX) on Thursday.

These expansions include establishing a new factory in the 10th of Ramadan city, in addition to purchasing eight looms and a number of machines and equipment, the company added.

The company’s board has assigned chairman Salah Abdel Aziz to sign an EUR 9 million loan contract with Qatar National Bank Al Ahli (QNB) on Wednesday to finance these expansions, the firm indicated.

Oriental Weavers had previously posted a net profit of EGP 123.7 million in the three-month ended September 2017, compared to EGP 143.7 million in the prior-year period.