Egypt: Oriental Weavers posts 19.8% YoY surge in Q1 2025 consolidated profits
Arab Finance: Oriental Weavers Carpets reported a 19.8% year-on-year (YoY) growth in consolidated net profits attributable to the parent company for the first quarter (Q1) of 2025, as per the company's recent financial statements.
The company logged EGP 513.255 million in consolidated net profits in Q1 2025, compared to EGP 428.417 million in Q1 2024.
Consolidated revenues rose to EGP 6.397 billion in the three months to March 2025, from the EGP 5.038 billion reported in the same quarter last year.
As for the standalone business, the company posted a net profit after tax of EGP 1.764 billion in Q1 2025, up from EGP 1.377 billion in Q1 2024.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
African Union agency says Fitch's downgrade of Afreximbank is 'flawed'
An African Union credit review body has questioned Fitch ratings agency's downgrade of Africa Export-Import Bank last week, saying it was based on a "flawed" categorisation of loans and calling for the decision to be reconsidered. Last Wednesday, Fitch downgraded Cairo-based Afreximbank's credit rating to BBB-, one notch above junk ratings, from BBB, citing high credit risks and weak risk management policies. Fitch calculated that the ratio of Afrexim's non-performing loans (NPLs) exceeded the 6% 'high risk' threshold outlined in the ratings agency's criteria. Afreximbank said in its first quarter operating results that the NPLs ratio stood at 2.44% at the end of March. The African Peer Review Mechanism (APRM), a body established by the African Union to do the groundwork for the launch of an African credit ratings agency later this year, contested Fitch's calculations and called for talks between Fitch, Afreximbank and other African institutions. "The APRM notes with concern Fitch Ratings' misclassification of Afreximbank's sovereign exposures to the Governments of Ghana, South Sudan and Zambia as NPLs," APRM said in a statement published late on Friday. "This classification raises critical legal, institutional and analytical issues which the APRM strongly contests." Fitch defended its rating decision, saying it operates on the basis of independent and timely analysis. "All Fitch's supranational rating decisions are taken solely in accordance with one globally consistent and publicly available rating criteria, with rating drivers and sensitivities clearly identified in our ongoing public rating commentary," the ratings agency told Reuters. The row over the rating, which determines the cost of credit for a financial institution, comes as Afreximbank seeks to protect its loans from restructuring in Ghana, Zambia and Malawi, saying that as a multilateral lender it has preferred creditor status. "The assumption that Ghana, South Sudan and Zambia would default on their loans to Afreximbank is inconsistent with the 1993 Treaty establishing the Bank to which Ghana and Zambia are both founding members, shareholders and signatories," APRM said. The founding treaty of the lender, whose mandate is to promote intra-Africa and extra-Africa trade, is legally binding on all members, APRM said, placing legal obligations on the bank's financial operations. Afreximbank has not commented on the downgrade by Fitch, but it has previously said it is not in debt restructuring talks with any of its member states. Afreximbank's loans to its member states are governed by "a framework of intergovernmental cooperation and mutual commitment, rather than typical commercial risk principles", shielding its loans from sliding into non-performance realm, APRM said. "Fitch's unilateral treatment of these sovereign exposures -as comparable to market-based commercial loans - despite their backing by treaty obligations and shareholder equity stakes, is flawed," APRM said. (Reporting by Duncan Miriri; Editing by Karin Strohecker and Susan Fenton)
Zawya
2 hours ago
- Zawya
World's top solar PV producers plan to open factories in Middle East: Report
Many of the world's top solar photovoltaic (PV) module manufacturers are expected to open production facilities in the Middle East region, according to Wood Mackenzie. These companies are likely to expand into Egypt, Oman, Saudi Arabia, Qatar, and the UAE, the global research consultancy said in its latest global solar PV module manufacturer rankings report. Although China continues to dominate the solar module manufacturing landscape in terms of scale, emerging challengers from India, South Korea, and Vietnam are rapidly closing the gap. Seven of the top 10 manufacturers now operate production facilities in three or more countries, including Cambodia, India, Malaysia, Mexico, and Vietnam. As solar PV module prices remain under pressure, manufacturers will need to strike a balance between cost reduction and ongoing investment in technology and geographic expansion. The industry's future will be shaped by continued expansion into the Middle East and Africa, efficiency gains across various technologies, rising consolidation through vertical integration, and evolving strategies to navigate trade policies and local market regulations. 'Despite financial headwinds, the solar manufacturing industry is quickly repositioning for the next cycle of global growth,' said Yana Hryshko, head of global solar supply chain at Wood Mackenzie. 'Technology leadership, supply chain control, and geographic agility will define the winners in the years ahead,' she said. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
3 hours ago
- Zawya
Kidzink fuels team growth and innovation with strategic hiring spree
Growth driven by expanding international footprint to support growing client base The 'Stunning Colleagues' initiative to attract and foster exceptional creative talent with over 580 applicants so far Dubai, UAE: Kidzink, an award-winning multidisciplinary design firm dedicated to making schools better, is experiencing a rapid and strategic growth phase. Since its inception in 2017, with just seven employees, the company has expanded its team to 320 professionals. This remarkable growth trajectory - driven by a culture of innovation and excellence along with an unparalleled end-to-end offer in educational design - positions Kidzink for a 37% increase in team size by the end of 2025, with plans to onboard 50 more talented individuals by mid-July. This growth reflects Kidzink's success and its pioneering approach to educational design, as well as its expanding global presence. This dynamic growth is driven by the company's expanding project portfolio and key partnerships with leading educational companies such as regional and global educational leaders like Taaleem, Cognita and MISK. With projects already in over 23 countries, Kidzink is also deepening its global footprint with growing teams in Saudi Arabia and Spain to support its increasing presence not just in the GCC and European markets but also thanks to an expanding client base in Asia and North America. Among the key projects the company is currently working on are Repton School Dubai's 604-seat, 120,000 sq m campus' performing arts center with Cognita; Harrow International School's Abu Dhabi and Dubai Campuses with Taaleem; as well as Riyadh Schools Group (a Subsidiary of MISK Foundation,) Dubai English Speaking School, with a full project list currently spanning across the globe. A Focus on Talent and Creativity At the heart of Kidzink's expansion is the company's commitment to nurturing creative and diverse talent. This year, the firm has launched the 'Stunning Colleagues' initiative, designed to attract exceptional individuals who can thrive in a creative, fast-paced environment. With a strong belief in the power of youth, the campaign launched to support this current hiring drive and will continue with a focus on identifying young, passionate, and purpose-driven professionals, beyond traditional job descriptions. Beyond 2025, the programme aims to hire at least 10-15 extraordinary young people each year to join the team and develop their potential with further announcements on the programme to follow in due course. 'We're not just looking for employees to fill roles, but for people who can bring energy, care, and creativity to our team and help shape not just our future, but really the future of education,' said Charlotte Borghesi, Founder of Kidzink. 'The 'Stunning Colleagues' initiative is a reflection of our commitment to discovering and developing exceptional talent who, through creative problem solving, and a focus on innovative, technological and sustainable solutions will not just play a key role in our continued success but that of our clients through disruptive educational design solutions.' The hiring campaign culminated in a high-energy recruitment event held in Dubai in late April. Over 580 applications were received, with 30 shortlisted candidates participating in hands-on challenges that tested their problem-solving, creativity, and collaborative skills. The diverse range of candidates revealed an abundance of untapped, cross-disciplinary talent, reinforcing Kidzink's focus on finding individuals who excel in real-world challenges. Shaping the Future of Design & Education Launched in 2017 in Dubai, Kidzink has expanded to include offices in KSA and Spain. Through its group of companies, including KODA, the Kidzink Office of Design and Architecture, its dedicated architectural practice, Kidzink furniture and interior design, and Terralabz, a STEAM (Science Technology, Engineering, the Arts and Mathematics) design practice, the company offers complete educational design, strategy and consulting services and solutions, all under one roof. Centering the needs and dreams of learners, the company designs, constructs, and furnishes dynamic, adaptable, sustainable, and beautiful learning environments and communities around the world. Kidzink's and its group of companies' culture is built around a shared mission to 'make schools better,' but it's the firm's unique approach to creativity and collaboration that sets it apart. With no traditional structures or policies, Kidzink fosters an environment that values trust, autonomy, and continuous learning. The company's commitment to design excellence, meaningful work, and high-performing teams has not just attracted but fostered award-winning professionals from a wide range of disciplines, including Architecture, Education, Project Management, Industrial Design, Landscape Architecture, as well as Acoustics, Athletics, Strategy and Engineering. The company also puts an emphasis on research and development, with a full research and development team including Neuro-Architect in Residence, researcher and author, Ana Mombiedro. 'We don't just deliver spaces; we deliver experiences,' added Borghesi. 'We embrace a spirit of innovation, leading with creativity and transformative ideas that push the boundaries of what's possible in education. Our culture is about collaboration, experimentation, and making a real impact. The spaces we create have the power to shape the future, and the people we hire help bring that vision to life.' In addition to its design projects, Kidzink is also committed to creating a positive employee experience, with an onboarding process focused on peer learning, responsibility, and mentorship. Wellness moments, open check-ins, and career development initiatives ensure that every team member can thrive both professionally and personally. Milestones and Looking Ahead As Kidzink continues to grow, the company has reached a significant milestone with nearly 350 team members serving a growing client portfolio. 'We're doubling down on talent, innovation, and leadership as we grow,' added Borghesi. 'Our hiring strategy is dynamic, and we're always looking for the next generation of creative leaders. We're also planning partnerships with top universities and design institutes to nurture young talent, offering project-based assignments, guest lectures, internships, and opportunities for postgraduate employment so watch this space! ' For more information on Kidzink, visit For more information on KODA, visit For more information, please contact: Dawn Barnable The B Collective for Kidzink Dawnb@
