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Oriental Weavers Carpet to take part in new export subsidy initiative

Oriental Weavers Carpet to take part in new export subsidy initiative
The programme will replace the protocols signed in 2019
Oriental Weavers
ORWE
5.12% 7.68 0.38

Cairo – Mubasher: Oriental Weavers Carpet will apply to the initiative launched by the Ministry of Finance for the immediate payment of the due export subsidies.

Under the new initiative, export companies will receive 85% of the due export subsidies until 30 June 2019 before the end of the year, the company said in a bourse disclosure on Monday.

The programme will replace the protocols signed in 2019 which stated that the payment will take place over four years.

During the first half (H1) of 2020, the company reported net profits of EGP 266.358 million, down from EGP 461.829 million in the prior-year period.