São Paulo – Oriental Weavers, a rug manufacturing company based in Egypt, is planning to enter the Brazilian market this year. The company has manufacturing plants in the United States, Egypt and China and operates in more than 130 countries, but still doesn’t sell in Brazil.
Egypt’s trade consul in São Paulo, Mohamed Elkhatib, said that the company wants to expand its operations and is searching for partners in the country. “They are planning to sell their products here, since they believe that the Brazilian market is large and has potential”, he said.
Representatives of the company visited Brazil quite some time ago and now, according to the consul, are seeking importers in the country. “Maybe one of the companies among the members of the Arab Brazilian Chamber of Commerce might be interested”, said Elkhatib. Abroad, large retailers and hotel chains are among the company’s clients.
Oriental Weavers was founded in 1975 and is listed in Cairo’s stock exchange. Last Thursday (14th), the company’s stocks closed the day at the price of EGP 6.22 each, the equivalent to USD 0.79. On Friday the stock exchange is closed since, in Egypt, the weekend takes place on Friday and Saturday.
According to information from the company’s balance sheet of Q3 2015, which closed on September 30th, revenues went up 1% in the period over Q3 2014 and reached EGP 1.52 billion, the equivalent to USD 194.1 million. From January to September 2015, the company’s revenues were USD 574.7 million, with an increase of 4% over the same period of 2014.
According to the document, exports accounted for 55% of the company’s revenues. In Q3 2015, sales to other countries totaled USD 106.5 million, a decrease of 5% over July to September 2014. Meanwhile, from the beginning of the year to September, exports reached USD 351.2 million, or 6.5% less than between January and September, 2014.
In the report sent to investors, the company attributed the decline in exports to the performance of the European market and the price reduction of its products. Besides, the company said in the statement that political and economic problems impacted sales in Yemen, Libya, Ukraine, Russia, Iraq and Greece. However, the company believes that there is a global economic recovery and it is planning to enter new markets. Printed rugs, manufactured in natural and synthetic fabrics, are among the company’s main products.
Oriental Weavers
Website: www.orientalweavers.com
Email: ieldiwany@orientalweavers.com
Phone: +202 22685166
*Translated by Sérgio Kakitani
