Red Sea International achieves 44% growth in operating profits for H1 2025 The company announces Q2 2025 financial results    European leaders tentatively hopeful after call with Trump ahead of Putin summit    Humanitarian groups call on Israel to end 'weaponization of aid' in Gaza    Melania Trump threatens to sue Hunter Biden for $1bn over Epstein claim    Australia and Vanuatu agree to $328m security and business deal    Baby Shark did not plagiarize, South Korea's top court rules    Bayut KSA wins 3 Employee Happiness Awards 2025    'Cryptocrash king' Do Kwon pleads guilty to fraud    Saudi Arabia advances education reform with AI curricula, teacher training, and global partnerships    Regulations updated for billboards to improve urban landscape and enhance visual appeal    Makkah tops among 6 Saudi regions witnessing heavy rainfall    Unreasonable wages, salary delays to trigger violations under Mudad system    PIF raises $9.83 billion in 2024, boosts global ranking to 11th, says Yasir Al-Rumayyan    Visual Arts Commission set to launch Art Bridges Cultural Programs in Scotland, Japan, Korea, and Spain    Saudi Pro League unveils 2025-26 fixture list with blockbuster opening clashes    Donations of living organs rise to 4.9% in Saudi Arabia in 2024    Saudi Arabia exit FIBA Asia Cup after overtime heartbreak against Philippines    Cristiano Ronaldo and Georgina Rodriguez announce engagement after eight years together    Mexico accuses Adidas of cultural appropriation in sandal design    Al Hilal sign Uruguay striker Darwin Núñez from Liverpool    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



L'azurde posts SR72.6m net profits in H1
Published in The Saudi Gazette on 28 - 07 - 2016

L'azurde Company for Jewelry, the largest gold and jewelry designer, manufacturer, and distributor in the Middle East, announced Wednesday that its net Income for the first half of 2016 ended June 30 was SR72.6 million, an increase of 14.0% compared to the corresponding period of the previous year (SR63.7 million), based upon operating revenues of SR285.2 million. This was a result of a net income growth in Q1 of 24.3% and a Q2 net income decline of 5.1% compared to the corresponding period of the previous year.
In challenging market conditions, the company was able to support sales at its own retail shops with strong promotions and new products leading to a 4.7% rise in revenues within the retail division during the six-month period compared to the corresponding period of the previous year. This was partially offset by a decline in wholesale revenues of 10.3% for the same six-month period. In order to continue growing its retail business, L'azurde has signed lease agreements to open four new showrooms in well-known malls across Saudi Arabia in 12 months.
Sélim Chidiac, CEO of L'azurde, said: "Despite tough market conditions with lower levels of consumer spending, L'azurde's performance in the first half demonstrated a 14% increase in net income to SR72.6m. As is normal, we have seen seasonality within the results as the company achieved highest sales and profits in the first quarter of the calendar year.
Growing sales in our own retail shops has been successful and we will maintain the focus on the retail expansion with the signing of lease agreements to open four new showrooms across KSA. We will continue to support our wholesale business, driving regional expansion plans and evaluating brand extensions and market gaps."
In June 2016, L'azurde completed a successful initial public offering (IPO) on the Saudi Stock Exchange. Shares in L'azurde had been priced at SR37 per share, the top end of the range with the order book 8.6 times oversubscribed for the Institutional tranche and over 2.9 times oversubscribed for the retail tranche.


Clic here to read the story from its source.