Egyptian tycoon Yasmine Khamis’ Oriental Weavers to pay $21 million dividend

Key Points

• Cairo-based Oriental Weavers will distribute $21 million in dividends for 2024, reflecting strong earnings growth and market expansion.
• The company reported a net profit of $50.1 million in 2024, up from $37.3 million in 2023, driven by strong demand.
• The firm invested $0.47 million in a wastewater treatment plant upgrade, reinforcing its commitment to sustainability and operational efficiency.

Cairo-based Oriental Weavers, led by Egyptian business executive Yasmine Mohamed Khamis and her siblings, has announced a final dividend payout of $21 million for the 2024 fiscal year, reflecting its strong financial performance.

The decision to reward shareholders comes after a year of solid earnings growth and continued market expansion. Under Khamis, Oriental Weavers has strengthened its position as a global leader in machine-woven carpets and rugs, focusing on profitability and operational efficiency.

Shareholders set to benefit from strong earnings

Subject to approval at the upcoming Ordinary General Assembly, the company will distribute EGP1.06 billion ($21 million) in cash dividends, translating to EGP1.6 ($0.032) per share. This marks a significant increase from the previous year, reflecting management’s confidence in the company’s financial health.

Oriental Weavers reported a net profit of EGP2.54 billion ($50.14 million) in 2024, up from EGP1.89 billion ($37.31 million) in 2023. Revenue also climbed, reaching EGP24.28 billion ($479.31 million), compared to EGP17.65 billion ($348.41 million) the previous year, driven by strong demand and improved operational efficiency.

Beyond its financial success, Oriental Weavers is reinforcing its commitment to sustainability. The company recently completed a EGP24 million ($0.47 million) expansion of its industrial wastewater treatment plant at its spinning factory. The upgraded facility, equipped with four treatment stages, has a daily capacity of 1,250 cubic meters, enhancing both environmental impact and operational sustainability.

Dividend increase reflects growth strategy

Founded in 1979 and listed on the Egyptian Exchange in 1997, Oriental Weavers exports its products to over 150 markets worldwide. The board has approved a 28 percent increase in dividends from EGP1.25 ($0.0247) last year to EGP1.6 ($0.0316) per share for 2024.

This increase reflects the company’s improved working capital management and commitment to delivering value to shareholders. With a strong financial outlook and ongoing investments in sustainability, Oriental Weavers continues to solidify its leadership in the global carpet industry.