PH
The affluent Khamis family of Egypt has profited more than $11 million from their holding in Oriental Weavers in less than three weeks, as value investors continue to pile into the company, pushing its share price above critical technical levels.
The market value of the Khamis family’s interest in Oriental Weavers has climbed by EGP 342.77 million ($11.09 million) since July 27, according to statistics gathered by NewsofAfrica, as investors on the local bourse continue to raise their stakes in the Cairo-based firm.
Oriental Weavers, headquartered in Egypt, is one of the world’s largest manufacturers of machine-made carpets, with factories in three countries.
Yasmine Mohamed Khamis, an Egyptian businesswoman and CEO, and her siblings own a 56.58 percent controlling interest in the major carpet maker, which sells its products in around 150 countries worldwide.
Oriental Weavers’ shares on the Egyptian Exchange have climbed by 8.69 percent since July 27, rising from EGP14.62 ($0.4732) on July 27 to EGP15.89 ($0.5143), resulting in millions of dollars in earnings for its stockholders, including the wealthy Khamis family.
The market value of the Khamis family’s interest has increased by EGP 342.77 million ($11.09 million) in just 20 days, from EGP 3.95 billion ($127.70 million) on July 27 to EGP 4.29 billion ($138.79 million) at the time of writing.
This substantial growth has reinforced the Khamis family’s position as not only one of Egypt’s multimillionaires, but also as one of the wealthiest investors on the local exchange.
The year 2023 has been particularly impressive in terms of returns for Oriental Weavers’ stockholders, as investors have been particularly lured to the company’s strong financial success.
The major carpet manufacturer’s earnings increased by 57 percent in the first half of the current fiscal year, powered by a significant 29.98% growth in sales.
