Oriental Weavers Reports Higher Sales, Income

Cairo, Egypt, May 16, 2012 -- Oriental Weavers, the world's largest machine-made rug and carpet manufacturer, reported first quarter net income was $14.3 million, an 11% increase over last year.

Sales were $199 million, a 24% increase over the first quarter of 2011.

The company said it had substantial growth in domestic sales on the back of an aggressive expansion of its tufted offering in Egypt and the successful implementation of a new pricing approach in export market.

OW said that exports to the U.S. and Canada also saw strong growth year-on-year, and accounted for 25% of total sales.