May 16, 2023 / 02:00PM GMT
Amr Amin -
Welcome, everyone, to the Oriental Weavers First Quarter '23 Results Conference Call hosted by CI Capital. My name is Amr Amin, Head of Corporate Access at CI Capital. And today, I have the distinct pleasure of introducing Group Treasurer, Radwa Kamel; and IR Manager, Yasmine ElGohary. (Operator Instructions)
I now give the floor to Oriental Weavers' management team.
Yasmine ElGohary - Oriental Weavers Carpets Company(S.A.E)-IR Manager
Hello, everyone. Thank you, Amr. I'll go ahead and start. So welcome to Oriental Weavers' quarterly investor call. Today, we'll update you on the company's results for the first quarter of 2023 and provide high-level guidance for the year ahead.
Q1 sales reached EGP 4.1 billion, which is an increase of around 27% year-over-year, supported by local sales increase of around 39%, while export sales increased by around 21%. The export sales were supported by the local currency devaluation. We witnessed margin improvement with gross profit margin reaching 13.6% compared to 10.9%
Q1 2023 Oriental Weavers Carpet Co SAE Earnings Call Transcript
May 16, 2023
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