Khamis family’s stake in Oriental Weavers falls by $17 million

Key Points

• The Khamis family’s stake in Oriental Weavers has dropped by $17.09 million since Feb. 4, due to renewed market volatility and investor caution.
• The company’s share price fell 9.13%, dragging its market capitalization down to the $300 million mark, resulting in losses for investors.
• Despite Oriental Weavers reporting a 38% revenue surge and solid net income growth in 2024, its stock has fallen 7.68% year-to-date.

The Khamis family of Egypt, renowned for their influential role in the global carpet industry, has recently faced a significant financial setback, with the market value of their stake in Oriental Weavers—Egypt’s leading carpet manufacturer—dropping by over $16 million due to a downturn in the company’s shares on the Egyptian Exchange (EGX).

Khamis family sees $17 million dip in Oriental Weavers stake

The Khamis family, including Yasmine Mohamed Khamis and her siblings, together holds a 56.48 percent stake in Oriental Weavers, the world’s largest producer of machine-made carpets, equivalent to 376.32 million shares. According to data tracked by Billionaires.Africa, the family’s stake has declined by EGP873.06 million ($17.09 million) since Feb. 4.

This recent decline follows a period of growth between Jan. 14 and Feb. 4, during which the value of their stake rose by $13.5 million, from EGP8.7 billion ($174.1 million) to EGP9.45 billion ($187.6 million). The latest drop highlights the challenges investors are currently facing, as global economic uncertainty and broader market pressures continue to weigh on investor sentiment.

Oriental Weavers delivers robust 2024 results

Founded in 1979 and publicly listed on the EGX since 1997, Oriental Weavers  has become a dominant player in the global carpet, rug, and textile market. The company operates production facilities in three countries and exports its products to nearly 150 nations worldwide.

Oriental Weavers closed 2024 on a strong note, reporting a 38 percent surge in revenue to EGP24.3 billion ($480 million), fueled by a 42 percent increase in international sales—despite persistent economic and geopolitical challenges in global trade. Net income rose 34 percent to EGP2.54 billion ($50.14 million), supported by improved margins that reflect effective cost controls and operational efficiency. 

Demonstrating its enhanced working capital management and commitment to shareholder value, the company declared a final dividend payout of $21 million for the 2024 fiscal year—rewarding investors after a year of solid earnings growth. 

Oriental Weavers shares slide, Khamis family’s stake drops

But the rally hasn’t lasted. Over the past ten weeks, Oriental Weavers’ share price has slipped 8.46 percent, dropping from EGP25.40 ($0.49718) on Feb. 4 to EGP23.08 ($0.4518). The dip has pulled the company’s market value down to around $300 million, leading to fresh losses for shareholders and underlining the market’s ongoing unpredictability.

During that same 71-day stretch, the Khamis family—longtime owners and key figures behind the company—has seen the value of its stake shrink by EGP873.06 million ($17.09 million). Their holding fell from EGP9.56 billion ($187.1 million) to EGP8.69 billion ($170.01 million), as investors grew more cautious about the company’s short-term outlook.

Still, the family’s influence in the global textile industry is as strong as ever. They remain one of the biggest investors on the Egyptian Exchange and one of the wealthiest families in the country, with a legacy in business that spans decades.

Oriental Weavers’ stock down 7.68% YTD

So far this year, shares of Oriental Weavers have fallen 7.68 percent. This dip comes despite the company reporting solid financial results in 2024, including strong revenue growth and a healthy dividend payout. But ongoing economic uncertainty has weighed on the stock. As a result, an investment of $100,000 in the company at the start of 2025 would now be worth $92,320, showing a modest loss of $7,680.