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Oriental Weavers records EGP 1.9bn consolidated profits in 2023; dividends proposed

Oriental Weavers records EGP 1.9bn consolidated profits in 2023; dividends proposed
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Oriental Weavers
ORWE
2.38% 23.22 0.54

Cairo – Mubasher: Oriental Weavers posted a net consolidated profit after income tax of EGP 1.89 billion in 2023, a surge from EGP 944.17 million a year earlier.

Net sales soared to EGP 17.65 billion last year from EGP 13.25 billion in 2022, according to annual financial statements.

Standalone Financials

The standalone net profit after tax declined to EGP 1.14 billion last year from EGP 1.46 billion in 2022.

Net sales grew to EGP 7.10 billion in 2023 from EGP 5.64 billion a year earlier.

The basic earnings per share (EPS) reached EGP 1.59 in the 12-month period that ended on 31 December 2023, down from EGP 2.06 the year before.

Cash Dividends

The company’s board of directors approved the disbursement of EGP 1.25 per share in cash dividends for 2023.

It is worth noting that Oriental Weavers’ consolidated net profits soared to EGP 1.38 billion in the first nine months (9M) of 2023 from EGP 583.74 million in the comparative period of 2022.