Mubasher TV
Contact Us Advertising   العربية

Oriental Weavers Carpet's H1 profit drops 42%

Oriental Weavers Carpet's H1 profit drops 42%
The company’s sales retreated to EGP 4.078 billion
Oriental Weavers
ORWE
-1.65% 19.03 -0.32

Cairo – Mubasher: The net profits of Oriental Weavers Carpet slumped by 42.32% year-on-year (YoY) to EGP 266.358 million in the first half (H1) of 2020 from EGP 461.829 million.

The company’s sales retreated to EGP 4.078 billion in the six-month period ended on 30 June from EGP 5.236 billion in the year-ago period, according to a bourse disclosure on Sunday.

Moreover, the company reported standalone net profits of EGP 525.757 million in H1-20, up from EGP 311.396 million In H1-19.

During the first quarter (Q1) of 2020, the Egyptian firm’s net profits went down to EGP 197.95 million from EGP 220.29 million in Q1-19.