L’azurde asserts its leadership in the gold and jewelry sector with a net profit of SAR 11.6mln in the first quarter of 2023

L’azurde asserts its leadership in the gold and jewelry sector with a net profit of SAR 11.6mln in the first quarter of 2023

Riyadh, KSA: L’azurde Company for Jewelry (“L’azurde”, “the Company”, “the Group”), the leading gold and jewelry designer, manufacturer, distributor, and retailer in the Middle East, has asserted its leadership in this vital sector with positive financial results for the first quarter of 2023.

The Company achieved a net profit of SAR 11.6 million following the increase in its operating revenues to SAR 126.1 million. The Company generated an operating profit of SAR 25.1 million asserting its steady growth, and its strong performance that reflects the effectiveness of its transformative initiatives that have contributed to an increase in revenues and profits on the one hand, and a decrease in financial costs on the other hand, putting the Company on the road to remarkable growth and financial stability.

In addition to that, the Company’s e-commerce business has generated revenues of SAR 7.9 million. This underscores the success of the Company's endeavors to expand its e-commerce business through further investments in technology, infrastructure, and systems.

In KSA, wholesale operating revenues increased by 20.4% year-on-year, the noticeable increase being mainly attributed to the successful sales of L’azurde gold in gold souks. In Egypt, wholesale operating revenues increased by 4.0%, and Retail operating revenues grew by 47% compared