Cairo – Mubasher: Oriental Weavers generated higher consolidated net profits after at EGP 1.47 billion in the first half (H1) of 2024, compared to EGP 733.39 million in H1-23.
The sales amounted to EGP 10.77 billion as of 30 June 2024, marking a year-on-year (YoY) leap from EGP 8.39 billion, according to the consolidated financial results.
Total assets hit EGP 31.68 billion in H1-24, compared to EGP 23.10 billion at the end of December 2023.
Standalone Results
In the first six months (6M) of 2024, the company achieved standalone net profits after tax valued at EGP 1.73 billion, higher YoY than EGP 618.34 million.
Earnings per share (EPS) increased to EGP 2.61 in H1-24 from EGP 0.93 in the January-June 2023 period, while the revenues climbed to EGP 4.16 billion from EGP 3.44 billion.
Financials for Q2-24
In the second quarter (Q2) of 2024, the consolidated net profit widened to EGP 914.60 million from EGP 329.87 million a year earlier, while the net sales hiked to EGP 5.74 billion from EGP 4.25 billion.
Meanwhile, the EGX-listed firm registered EGP 355.87 million in standalone net profit during Q2-24, compared to EGP 63.53 million in Q2-23. The sales grew to EGP 2.01 billion from EGP 1.60 billion.
During the January-March 2024 period, Oriental Weavers recorded an annual jump in consolidated net profit after tax to EGP 557.58 million, compared to EGP 403.52 million.
