Oriental Weavers plans LE100 million of new investments in 2015

Ahram Online, Wednesday 19 Nov 2014

Egypt's largest carpet-maker to boost sales by 12% by investing in new looms, says company statement

Oriental Weavers
Oriental Weavers

Egypt's largest carpet-maker Oriental Weavers said it plans to invest LE100 million ($14 million) in 2015 in purchasing new looms.

The company is in talks with a bank over a $10 million loan to finance the purchase of the new equipment as part of a plan to boost carpet production capacity by 13 percent, it said in a statement to the Egyptian bourse on Wednesday.

Oriental Weavers is targeting 7-8 percent growth in sales in 2014, and hopes the new looms will push that figure to 10-12 percent in 2015.

In 2013, the company invested LE450 million in a filaments factory, which began production in 2013, as part of a larger plan to build an industrial complex with a total cost of LE1.4 million.

The carpet maker saw its third-quarter net profits inch down to LE71.19 million ($10 million), from LE72.26 million a year earlier.

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