L’azurde Company for Jewelry has reported an increase of 167.4 percent in its net profits in Quarter three (Q3) of 2023.
The Company’s net profits went up by 241.7 percent from Q2 2023, to record net profits of 24.6 million Saudi riyals.
The net profits were recorded following an increase in operating revenues of up to 123.3 million riyals, with a seven percent growth compared to the previous quarter.
L’azurde also recorded a gross profit of 83.7 million riyals, and an operating profit of 26.5 million riyals.
In Saudi Arabia, wholesale operating revenues witnessed an increase of one percent from last year, while retail operating revenues climbed by two percent.
In Egypt, the retail net profit rose by ten percent compared to the same period last year.
Sélim Chidiac, CEO of L’azurde, highlighted the Company’s continuing growth journey with consecutive quarterly net profits.
According to Chidiac, the positive Q3 results emphasises L’azurde’s strength and steady performance as a leading player in the regional jewelry sector.
“We constantly strive to generate new and diverse sources of income, whether through digital channels, which drive rapid growth or by expanding our market presence with new store openings and launching modern products that offer great value to consumers,” he said
The company is also set to expand its Miss L’ brand, which focuses on contemporary jewelry.
It will also promote the international Tous brand with new product selections to meet the needs and taste of the Arab woman.
L’azurde is also set to upgrade its e-commerce business by making additional investments in technology, infrastructure, and systems.