Oriental Weavers sees 5-6 per cent profit growth in 2012

Reuters, Tuesday 25 Oct 2011

Rise in exports and fall in material costs will fuel profits in the year to come, says Egypt's leading carpet maker

Oriental Weavers expects a 5-6 per cent growth in net profit in 2012, as oil prices stabilise and it expands into new export markets.

The company also expects to step up in its H2/2011 profit over H1/2011, as raw material costs have declined, investor relations Manager Haitham Abdel Moneim told the Reuters in the Middle East Investment Summit.

"65 per cent of the firm's production is exported and we expect a 12 per cent growth in exports this year and this will reflect on our profits," Abdel Moneim said.

"I expect ... growth of 5-6 per cent next year (2012)," he said.

"We aim for expansions into new markets such as west Africa and countries like Kazakhstan and Uzbekistan. We see strong growth opportunities in those countries."
Oriental Weavers (OW) is one of the most recognised brands in the machine woven rug and carpet industry.

Established in 1980 by Mohamed Farid Khamis, an Egyptian entrepreneur and industrialist, the company has grown under his leadership to become the largest machine made rug and carpet manufacturer in the world.

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