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Oriental Weavers’ consolidated profit surpasses EGP 557m in Q1-24

Oriental Weavers’ consolidated profit surpasses EGP 557m in Q1-24
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Oriental Weavers
ORWE
3.07% 22.18 0.66

Cairo – Mubasher: Oriental Weavers has posted a consolidated net profit after tax of EGP 557.58 million during the first quarter (Q1) of 2024, up from EGP 403.52 million in the equivalent period of last year.

Net sales surged to EGP 5.03 billion in Q1-24 from EGP 4.14 billion in Q1-23, according to the interim financial results.

Standalone Results

Oriental Weavers’ standalone net profit soared to EGP 1.37 billion in the three-month period that ended on 31 March 2024 from EGP 554.81 million in the corresponding period a year earlier.

Standalone net sales grew to EGP 2.14 billion in the January-March period from EGP 1.83 billion in the same period of last year.

 The basic earnings per share (EPS) amounted to EGP 2.07 in Q1-24, up from EGP 0.83 in Q1-23.

In 2023, Oriental Weavers logged a net consolidated profit after income tax of EGP 1.89 billion, a surge from EGP 944.17 million in 2022.