Oriental Weavers reveals impact of export subsidy programme

The average export subsidies for Oriental Weavers reach 7.5% in the first phase

  
Cairo – Mubasher: Oriental Weavers Carpet said that the Egyptian government has been implementing a new export subsidy disbursement programme from 1 July 2020 to 30 June 2023.

The average export subsidies for Oriental Weavers reach 7.5% in the first phase of the programme and 11% in the second phase, the company said in a bourse disclosure on Thursday.

As for exports between 1 July 2019 to the end of June 2020, the old programme will be implemented with 70% in cash and 30% in infrastructure. A 15% discount is applied for immediate payments.

In the first half (H1) of 2021, Oriental Weavers Carpet reported net profits of EGP 669.5 million, up from EGP 266.358 million in H1-20, including minority shareholders' rights.

Source: Mubasher

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