Cairo – Mubasher: The consolidated financial statements of Oriental Weavers Carpet showed a 10.13% year-on-year (YoY) drop in its net profits to EGP 197.95 million in the first quarter of 2020, compared to EGP 220.29 million.
The company’s sales retreated to EGP 2.26 billion in the January-March period from EGP 2.6 billion in the corresponding period a year earlier, according to a bourse disclosure on Sunday.
As for standalone business, the Egyptian firm posted net profits of EGP 44.1 million in Q1-20, down by 61.7% from EGP 115.27 million in Q1-19.
It is worth noting that in 2019, the company’s net profits surged to EGP 855 million from EGP 550.23 million in 2018, including minority shareholders’ rights.
