Cairo – Mubasher: Oriental Weavers Group posted on Monday a rise of 71.7% in its consolidated profits for the fourth quarter of fiscal year 2016/2017 to EGP 113.07 million, versus EGP 65.84 million for Q4-15/16.
Consolidated profits for FY16/17 increased 55.9% to EGP 528.947 million from EGP 339.1 million for FY15/16, according to a bourse statement.
Sales rose in FY16/17 to EGP 6.7 billion from EGP 5.8 billion in FY15/16.
Standalone profits surged 165.7% in FY16/17 to EGP 659.11 million, compared to EGP 248.03 million for FY15/16.
Foreign exchange losses amounted to EGP 106.7 million in FY16/17 and EGP 53.7 million in Q4-16/17.
The company’s board approved to distribute cash dividends of EGP 1.4 per share for the year, totalling EGP 630 million.
The board also agreed to purchase a 34,100-square-metre land plot for expansions, and set the investment budget for FY17/18 at $15.45 million.
