CI Capital raises Egypt’s Oriental Weavers

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By Reuters

CAIRO: Egypt’s Oriental Weavers, the world’s biggest machine-woven carpet maker, may report earnings growth of 33 percent in 2012 helped by easing raw material prices and increased demand, CI Capital said and upgraded the stock to “buy”.

The company’s profitability was hurt over the last year due to increased raw material costs, political unrest in Egypt and economic uncertainty in Europe.

However, easing polypropylene prices and strong growth in orders will drive the company’s earnings growth in 2012, analyst Ingy El-Diwany said in a note.

The analyst has a price target of LE 32.6 on the stock.

The Cairo-based company exports to 130 countries.


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