Oriental Weavers Carpet targets $15 million investments as part of the company’s plan for 2022.
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The company will also equip some factories with new looms and machines and raise their efficiency to increase production, according to a bourse filing on Tuesday.
Meanwhile, the company’s investment and expansion plan 2021 is expected to reach around $26 million.
It is noteworthy to mention that in the first nine months (9M) of 2021, the company recorded consolidated net profits of EGP 960.24 million, a surge of 57.9% year-on-year (YoY) from EGP 607.904 million, including minority shareholders’ rights.
