Oriental Weavers post Profits of L.E 260 million in 2011

Recording a decline of 27.9%, Oriental Weavers (OW) (ORWE) has posted total net profits of L.E 260 million during 2011, compared to L.E 361 million in 2010.

Witnessing a growth of 13.5%, the OW’s sales reached L.E 4.609 billion, compared to L.E 4.060 billion. This was due to adopting a policy of developing its products on both the local and internal levels.

OW’s realized gross profits reached L.E 355 million in 2011, compared to L.E 488 million during the same comparable period. Additionally, the company’s realized net profits amounted to L.E 261 million during 2011, noting that 2010’s realized net profits had reached L.E 362 million.

In the meanwhile, Oriental Weavers continued its planned expansions of 2011 which have reached L.E 229 million out of the total expansion plans anticipated to reach L.E 600 million for its factories of carpets and yarns.

OW’s total long-term assets have witnessed a rise reaching L.E 3.089 billion, compared to L.E 3 billion during 2010; while the working capital slumped to reach L.E 403 million, compared to L.E 575 million.

The company’s unconsolidated financial statements for 2011 revealed net profits of L.E 167 million, compared to L.E 231 million in 2010.