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MarketScreener Homepage  >  Equities  >  CAIRO AND ALEXANDRIA STOCK EXCHANGE  >  Oriental Weavers    ORWE/CA   EGS33041C012

ORIENTAL WEAVERS

(ORWE/CA)
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Oriental Weavers : fetes ruby anniversary with green initiatives

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10/09/2019 | 04:41am EST

Dalton, Ga. - It may be its ruby anniversary. But Oriental Weavers is all about being green.

'We are pushing 40 years of sustainability,' Jonathan Witt, president, told HTT.

The company's Egypt-based parent, Oriental Weavers Group, is keenly focused on ramping up its environmental efforts, and was recently earned kudos for its strides.

This summer, the company was honored by the Green Economy Financing Facility (GEFF) for 'pioneering environmentally sustainable production methods,' having saved 42,0000 megawatt hours and 7,600 tons of carbon dioxide last year.

In honor of these achievements, the company was recognized at an award ceremony in June at Cairo's Sofitel Hotel.

'The purpose of the award is to encourage more Green Economy financing in Egypt and inspire other businesses to become more competitive by using GEFF technical assistance and financing,' the company explained.

The award comes as Oriental Weavers is celebrating its 40th anniversary. Founded in 1979, the company produces printed, tufted, woven and hospitality soft flooring products at manufacturing facilities in the United States, China and Egypt.

In 2016, it made a strategic decision to improve energy performance and consumption, and a year later Qatar National Bank introduced Oriental Weavers Group to GEFF.

Through a combination of grant funding and support from GEFF's team, Oriental Weavers has since been able to dramatically reduce its carbon footprint - not only in the core business of carpet weaving but also through the management of utilities and tree planting initiatives.

'Oriental Weavers will continue to invest in new green initiatives to reduce its emissions and to enable energy efficient manufacturing at all of its facilities worldwide,' noted Yasmine Khamis, VP, Oriental Weavers.

Looking ahead, a joint venture between Oriental Weavers and the Orientals for Agricultural Products organization is targeting to eliminate global carbon dioxide emissions by planting trees in cities and costal lands during the coming years to reduce the company's carbon footprint.

This effort answers to the Egyptian government's newly launched Vision 2030 agenda, which calls for a 45% reduction of global carbon emissions by 2030 versus 2010, and net zero emissions by 2050.

'This joint venture crowned our developments in different fields which we have started years ago to translate our belief that the shift towards a low-carbon economy can be a driver of green growth and deliver significant long-term economic benefits,' the company said.

Cecile B. Corral is a senior editor with Home Textiles Today and is editor of luxury textiles supplement POSH. She also covers the area rug category for Furniture Today and Home Accents Today.

Disclaimer

Oriental Weavers Carpet Co. SAE published this content on 09 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 October 2019 08:40:11 UTC

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Financials (EGP)
Sales 2019 10 450 M
EBIT 2019 660 M
Net income 2019 590 M
Debt 2019 824 M
Yield 2019 13,7%
P/E ratio 2019 7,73x
P/E ratio 2020 7,66x
EV / Sales2019 0,53x
EV / Sales2020 0,51x
Capitalization 4 669 M
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Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 12,89  EGP
Last Close Price 10,53  EGP
Spread / Highest target 53,8%
Spread / Average Target 22,4%
Spread / Lowest Target 4,46%
EPS Revisions
Managers
NameTitle
Medhat Hussein Managing Director & Executive Director
Salah Abdel Aziz Abdel Motalab Chairman
Amr M. F. Mohamed Fouad Khamis Executive Director, VP-Manufacturing & Operations
Tamer Abd El-Aziz Group Chief Financial Officer
Mohamed Farid Fouad Khamis Non-Executive Director
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