PH
The wealthy Khamis family of Egypt, well-known for their pivotal role in the carpet industry, has profited more than $21 million from their stake in Oriental Weavers in less than ten weeks, as value investors continue to scoop up stakes in the company, pushing its share price above key technical levels on the Egyptian Exchange.
This huge growth has resulted in a significant increase in Oriental Weavers’ shares and impressive gains for the billionaire family as a result of ongoing purchasing pressures on the Egyptian Stock Exchange.
Since September 13, the market value of the Khamis family’s interest in Oriental Weavers has climbed by $21.3 million, as local bourse investors continue to raise their stakes in the Cairo-based firm.
The Khamis family, one of Egypt’s wealthiest, currently owns a majority position in Oriental Weavers, a global carpet manufacturer. The finished goods of the company are distributed in over 150 countries, cementing its position as a prominent player in the MENA area.
Members of the famed Egyptian family, which includes senior business leader Yasmine Mohamed Khamis and her siblings, own a 56.58 percent controlling stake in the leading Cairo-based carpet producer, which has manufacturing sites in three countries.
Oriental Weavers shares on the Egyptian Exchange have gained 10.64 percent since September 13 — from $0.5323 on September 13 to $0.5890 at the time of writing—returning millions of dollars to shareholders.
The market value of the affluent Khamis family’s interest has increased by $21.31 million in just 69 days, from $200.33 million on Sept. 13 to $221.65 million at the time of writing, as a result of the double-digit percent increase in the group’s share price.
Oriental Weavers’ earnings increased significantly in the first nine months of 2023, with profit after tax increasing to $44.65 million, up from $18.88 million in the same period in 2022.
Higher sales during the period under review drove the increase in profitability, which saw revenue jump from $306.60 million in 9M 2022 to $416.20 million. Total assets climbed dramatically as well, rising from $619.81 million at the start of the year to $725.80 million as of September 30.
