Riyadh, Saudi Arabia: L’azurde Jewelery continues to be a renowned brand in the field of designing, manufacturing and distributing jewelery and gold jewelery in the Middle East; Its positive financial results in the third quarter of the current year 2023.
The company achieved a net profit of 24.6 million riyals, a growth rate of 167.4% over the same period last year, and a growth of 241.7% in the second quarter of the current year, making it the seventh consecutive quarter of “L’azurde” net profit, confirming the success of the company. Its transformation efforts and its revenue Confident measures to boost profitability have proven its leadership in the jewelery industry in the region.
These positive results come after achieving operating income of 123.3 million riyals, a 7% increase over the previous quarter, and a reduction in operating costs. The company recorded a gross profit of 83.7 million riyals, which led to an operating profit of 26.5 million riyals, which increased profitability and reduced financial costs, which contributed to the company’s growth and maintaining its financial stability.
In Saudi Arabia, operating income for wholesale increased by 1% compared to last year, while operating income for retail increased by 2%, due to strong sales of L’azurde jewelry in traditional gold markets and expansion processes as witnessed by the opening of new branches by the company. In the Arab Republic of Egypt, the net profit of the retail sector increased by 10% compared to the same period last year.
Commenting on the third quarter results, CEO Mr. Salim Sidiak pointed out that the company is still continuing its growth journey and achieving net profit quarter after quarter. These positive results indicate a sustainable path and are strong for L’azurde, a leader in the jewelry industry in the region.
He added: “We are always striving to create new and diverse revenue streams, whether through fast-growing digital channels or by expanding new stores or introducing innovative products that offer great value to consumers and strong profit margins.” She explained that the company seeks to expand the “MS L” and international brand “TOS” and support them with the latest designs that cater to the needs of modern women. The company will also work to expand its rapidly growing e-commerce business through further investments in technology, infrastructure and systems.
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