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Oriental Weavers posts remarkable growth in 2011

29
Mar '12
Mr Khamis
Oriental Weavers Carpets Company – the world's largest machine-made rug and carpet manufacturer reported an 18 percent rise in revenues in the quarter ending December 2011.

In the quarter under review, sales value reached EGP 1,331 million against EGP 1,124 million in the fourth quarter of 2010, up 18 percent. For the full year 2011, sales value reached EGP 4,609 million, up 14 percent, from a year, earlier.

In the fourth quarter of 2011, woven segment sales rose 17 percent to reach EGP 860 million, while tufted segment sales increased 14 percent to EGP 267 million. For the 12 months of 2011, woven segment sales hiked by 11 percent to EGP 3,019 million and tufted segment sales climbed 9 percent to EGP 1,001 million.

For the full year of 2011, EBITDA was EGP 448 million, down 23 percent from 2010, with margins at 10 percent versus 14 percent for 2010. At EGP 605 million, adjusted EBITDA for 2011 was down 12 percent from 2010, with margins at 13 percent versus 17 percent, respectively.

Commenting on the results, Mr. Mohamed Farid Khamis – Chairman said, “We delivered a balanced growth that reflects management's strategy of competitive pricing alongside innovation and the production of value-added products both for our valued global clients and in our own portfolio of products”.

He added, “This allowed Oriental Weavers to post double-digit sales growth in the quarter and the full year, a remarkable achievement in light of both the impact of the Arab Spring and the sovereign debt crisis in Europe, not to mention volatility in the cost of petroleum-based raw materials”.

“Moreover, a favorable sales mix compensated to some extent for spiraling raw materials prices, allowing us to close the year with margins double those of our global competitors”, he concluded by saying.

Fibre2fashion News Desk - India


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