L’azurde posts SR72.6m H1 net income

L’azurde Company for Jewelry, claimed as the largest gold and jewelry designer, manufacturer, and distributor in the Middle East, has announced a net income of SR72.6 million for the first half of 2016, an increase of 14 percent 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 percent and a Q2 net income decline of 5.1 percent compared to the corresponding period of the previous year, due mainly to a generally weaker consumer spending environment, L’azurde stated in its announcement of financial and operational results for the second quarter and six-month period ended June 30, 2016.
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 percent rise in revenues within the retail division during the six-month period compared to the corresponding period of the previous year.
In order to continue growing its retail business, L’azurde has signed lease agreements to open four new showrooms across Saudi malls over the next six to 12 months.
Selim Chidiac, CEO of L’azurde, said: “Despite tough market conditions with lower levels of consumer spending, L’azurde’s performance in the first half of 2016 demonstrated a 14 percent increase in net income to SR 72.6 million. 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.”