PH
Oriental Weavers, a renowned global carpet and textile producer led by Egyptian businesswoman Yasmine Mohamed Khamis and her siblings, has declared plans to spend significantly in Egypt’s education sector. This action is intended to solve the country’s skills gap.
Yasmine Khamis made the news on the margins of the United Nations Global Compact Annual Forum, which was organized by the UNGCNE. While details are unclear, the move is viewed as a strategic effort to build a talent pool matched to the company’s demands. This could include technical programs that focus on production, design, or machine operation.
The projected investment is expected to raise educational standards in communities near the plants, generating goodwill and producing a more stable, competent workforce. This funding adds to Oriental Weavers’ previous social responsibility programs.
Oriental Weavers was founded in 1979 and listed on the Egyptian Exchange (EGX) in 1997. It is now a global leader in machine-woven carpets, rugs, and textiles. With production sites in three countries, the company distributes its products to about 150 nations.
Oriental Weavers is solidifying its position in global carpet manufacturing under the leadership of the billionaire Khamis family, led by Yasmine Khamis and her brothers. The family, one of Egypt’s wealthiest, owns 56.58 percent of the corporation.
Oriental Weavers ended fiscal year 2023 with strong financial results.Consolidated revenues reached EGP17.66 billion ($571.53 million), up 33.2 percent year on year from EGP13.25 billion ($428.95 million) in 2022.
This expansion was fueled by a 34% increase in export revenue, which accounted for 64% of total income, as well as a 31% increase in domestic sales. The corporation attributes its achievement to higher average selling prices and local currency depreciation.
Gross profit increased 103 percent year on year to EGP2.55 billion ($82.53 million), from EGP1.25 billion ($40 million) the previous year. This spike resulted in a noteworthy gross profit margin of 14.4 percent, thanks to improved operational efficiency, group reengineering efforts, and positive pricing dynamics.
The performance demonstrates Oriental Weavers’ tenacity and strategic skill, establishing them as a significant player in the changing global carpet manufacturing environment. The remarkable results demonstrate the success of the company’s operational initiatives and market adaptation.
