Oriental Weavers Q1 profits leap 174%

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Oriental Weavers’ consolidated net profit for the first quarter of fiscal year 2017 jumped 174% to EGP 257.59 million, versus EGP 94.16 million for Q1-16.

Sales increased in the first three months of FY17 to EGP 2.52 billion from EGP 1.45 billion in the same period last year, according to a bourse filing released on Sunday.

Standalone profit for Q1-17 amounted to EGP 104.88 million, 53% up from EGP 68.69 million for Q1-16.

On another note, the company’s board approved to establish a new plant in the industrial zone in 10th of Ramadan City.

The stock rose on Thursday by 0.21% to EGP 18.95.

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