Cairo – Mubasher: Oriental Weavers Carpet logged EGP 1.11 billion in consolidated net profits during 2020, up by 29.9% year-on-year (YoY) from EGP 855.07 million, including minority shareholders’ rights.

The net profits attributable to the parent company’s shareholders amounted to EGP 937.43 million last year, up from EGP 774.77 million in 2019, the company said in a bourse disclosure on Sunday.

Meanwhile, the profits attributable to minority interests rose to EGP 174.49 million in 2020, compared to EGP 80.3 million in 2019.

The company generated EGP 9.48 billion in sales last year, down from EGP 10.13 billion a year earlier.

The standalone net profits fell to EGP 549.33 million over the course of 2020, compared to EGP 708.61 million in 2019.

The board of directors recommended a cash dividend distribution of EGP 0.90 per share for 2020’s earnings.  The proposal will be referred to the company’s ordinary general meeting (OGM) on 31 March for approval.

During the first nine months of 2020, the company achieved net profits of EGP 607.904 million, up from EGP 597.367 million in the same period in 2019.