Oriental Weavers, the world’s leading carpets and rugs manufacturer, has once again been recognized as one of the Top 50 Listed Companies in Egypt for 2024 by Forbes Middle East. This is a testament to their steadfast dedication to exceptional quality and relentless pursuit of excellence, which continues to drive the company’s strategic growth and operational success.
“With our products reaching over 130 countries worldwide, we have not only established ourselves as a symbol of Egyptian craftsmanship but also as a significant contributor to the nation’s economic growth through robust export activities,” says Ms. Yasmine Khamis, Chair of Oriental Weavers Carpet. “Oriental Weavers‘ legacy of innovation and leadership in the carpet manufacturing sector is unparalleled, as our commitment to high standards and superior product quality remains the cornerstone of our operations, reinforcing our reputation as a global industry leader.”
This latest accolade from Forbes Middle East underscores the successful strategies and diligent efforts that the company has consistently implemented. In 2023, export revenue increased by 34% year-on-year, supported by local currency devaluation, while local sales increased by 31% year-on-year. Oriental Weavers also achieved record-breaking revenues in the first quarter of 2024 with a 22% year-on-year increase, driven by both higher sales volumes and price enhancements, which is a reflection of their efforts. The gross profit margin soared to an all-time high of 19.1%, and the EBITDA margin reached an impressive 20.5%, fueled by the strategic utilization of lower-priced inventory and enhanced operational efficiencies. The Net income also saw a significant surge to EGP 558 million, marking a 38% increase.
These financial milestones are a direct result of Oriental Weavers‘ ongoing transformation and strategic initiatives, which have set new benchmarks for the company.
