Cairo –  Oriental Weavers Carpet announced that the Export Development Fund has paid out a total of EGP46.73 million to two of its subsidiaries.

Oriental Weavers International Co and Egyptian Fibers Co (EFCO) have received EGP 42.85 million and EGP 3.88 million, respectively, in due export subsidies, the company said in a bourse disclosure on Tuesday.

The export subsidies are part of the Egyptian government’s efforts to support the sectors hardly hit by the coronavirus (COVID-19) outbreak.

It is noteworthy that in 2019, Oriental Weavers Carpet reported net profits of EGP 855 million, up from EGP 550.23 million in 2018, including minority shareholders’ rights.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.