Egypt’s Oriental Weavers first-half profits decline 42.32%

Egypt’s leading carpet manufacturer, Oriental Weavers Group reported a 42.32 percent year-on-year drop in its net profits during the first half of the current year.

Profits registered 266.358 million Egyptian pounds ($16.7 million), down from 461.829 million pounds during the first half of 2019.

The company made sales worth 4.078 billion during the six-month period ended on 30 June, down from 5.236 billion pounds during the same period last year, according to a bourse filling.