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Oriental Weavers Carpet announces $10m expansion plan for 2020

Oriental Weavers Carpet announces $10m expansion plan for 2020
The company’s plan includes adding three weaving looms
Oriental Weavers
ORWE
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Cairo – Mubasher: Oriental Weavers Carpet has unveiled its expansion plan for 2020 with an initial investment cost of $8-10 million.  

The company’s plan includes adding three weaving looms, one dyeing machine, two artificial grass machines, and two rolling and packing machines this year, according to a statement to the Egyptian Exchange (EGX) on Sunday.

For the full-year 2019, the Egyptian firm’s net profits surged to EGP 855 million from EGP 550.23 million in 2018, including minority shareholders’ rights.