Cairo – Mubasher: Oriental Weavers Carpet is targeting a 6% to 7% growth in total sales to EGP 10.8 billion in 2018, the company has said.

The Egyptian household durables firm is looking to increase its exports by around 8% this year by offering sales options to major retailers in the US and Canada, a statement to the Egyptian Exchange (EGX) on Thursday.

The company has succeeded in entering many deals with new clients in the European market, including Poland, Ukraine, Romania, and Slovakia, in addition to the continuous growth the company achieved in Asian markets.

Oriental Weavers’ exports to Japan are projected to grow by 20%, the company said, noting that it expects to launch exports to new clients in South Korea, Singapore, and Indonesia.

We are planning to expand in the African markets by signing new contracts with major stores in South Africa, as well as export to Congo, Benin, Ghana, and Togo, according to the filing.

It is worth noting that Oriental Weavers had previously posted a 40% year-on-year rise in consolidated profits for 2017, recording EGP 741.7 million from EGP 528.9 million, including minority shareholders’ rights.