Cairo – Mubasher: Oriental Weavers Carpet is looking to expand its business with around EGP 199 million (EUR 10 million) in investments.
The household durables firm aims to add three carpet looms to the company in the first quarter of 2019, in addition to other looms to meet the local and global demand, according to a statement to the Egyptian Exchange (EGX) on Monday.
Moreover, the company plans to upgrade printers at its arm Mac Carpet and add a digital printer and a carpet tile cutter, the statement indicated.
On Sunday, Oriental Weavers reported a 25.8% year-on-year decline in consolidated profits for fiscal year 2018.
The company has achieved profits of EGP 550.23 million in the 12-month period ended 31 December 2018, versus EGP 741.7 million in 2017.
Sales rose slightly to EGP 10.4 billion last year from EGP 10.23 billion in 2017, the company added.
At the level of standalone business, profits increased to EGP 745.8 million in 2018, versus EGP 813.99 million a year earlier.