Cairo – Mubasher: Oriental Weavers Carpet has received EGP 235 million as a settlement of overdue export subsidies, under the latest initiative announced by the Ministry of Finance, according to a bourse disclosure on Thursday.

Under the initiative, exporters will receive their subsidies owed by the Export Development Fund in a lump sum before the end of 2020 after deducting 15% of the total amount instead of spreading the payment over four to five years.

During the first nine months of 2020, Oriental Weavers Carpet logged consolidated net profits of EGP 607.904 million, slightly up from EGP 597.367 million in the year-ago period.