Cairo – Mubasher: Oriental Weavers achieved higher consolidated net profits after tax worth EGP 403.52 million in the first quarter (Q1) of 2023, compared to EGP 260.05 million in Q1-22.
Net sales soared to EGP 4.14 billion during the January-March 2023 period from EGP 3.26 billion in the same three months (3M) last year, according to the income statements.
The total consolidated assets of Oriental Weavers grew to EGP 22.15 billion at the end of March 2023, compared with EGP 19.17 billion as of 31 December 2022.
Non-consolidated Business
The standalone income statements, meanwhile, showed a net profit after tax worth EGP 554.81 million in Q1-23, lower than EGP 644.06 million in Q1-22.
The basic earnings per share (EPS) fell to EGP 0.83 in January-March 2023 from EGP 0.97 in the same period a year earlier.
Oriental Weavers generated non-consolidated net sales of EGP 1.83 billion during the three-month period that ended on 31 March 2023 from EGP 1.36 billion in the corresponding 3M in 2022.
Total assets surged to EGP 6.99 billion in Q1-23 from EGP 6.55 billion as of 31 December 2022.
In 2022, the listed firm achieved consolidated net profits of EGP 944.17 million, while the standalone net income after tax reached EGP 1.46 billion.
