Saudi-based L’azurde completes SAR 12.6 mln production unit in Egypt

Saudi Arabia-based L’azurde Company for Jewellery announced Monday that it is finalising the production unit in Egypt at a value of SAR 12.6 million.

The unit will be operated by the end of February 2018, according to the firm’s statement to the Saudi Stock Exchange (Tadawul).

The project was financed through L’azurde’s resources which were generated from operations.

“This new production unit will be mainly dedicated to meeting the increasing export demand, taking advantage of the low manufacturing cost in Egypt, in addition to producing new lines for the local market,” L’azurde’s statement added.

The project’s financial impact is expected to appear starting from the second quarter of 2018, the gold and jewellery maker added.

L’azurde’s stock inched down 0.33 percent, closing Sunday at SAR 17.89.