Riyadh, KSA: “L'azurde Company for Jewelry” (“L’azurde”, “the Company”, “the Group”), the most prominent brand in designing, manufacturing, and distributing jewelry in the Middle East, achieved a profit growth of 69.3% during the first half of this year, reaching SAR 32 million, compared to profits of SAR 18.9 million for the same period in 2023.

The company's earnings per share rose to SAR 0.56 during the first half of this year, compared to SAR 0.33 in 2023, a growth rate of 69.7%.

Retail operating revenues in Saudi Arabia during the first half of 2024 were 20.8% higher than last year due to growth in like-for-like sales of existing stores and the extension of the store network by opening new stores in top locations.

In Egypt, wholesale operating revenues increased by 45.5% in EGP terms compared to the same period last year due to solid sales of “L’azurde” gold in traditional gold souks. Retail operating revenues grew by 40.2% in EGP terms, supported by growth in like-for-like sales of existing stores and the extension of the store network by opening new stores in top locations.

Mr. Selim Chidiac, CEO of L’azurde, confirmed that the company has continued to achieve positive results since it began implementing its transformation initiatives, which contributed to a gross profit of SAR 161.2 million in the first half of this year, an increase of 7.5% over the same period last year, which amounted to SAR 149.9 million, with an increase in operating revenue.

Chidiac noted that the company continues to innovate programs to grow revenues and improve profit margins within the management's aspirations to build a promising future for the company that achieves shareholders' ambitions. He praised the efforts of the company's affiliates and their ability to create modern gold products characterized by unique designs, high quality, and reasonable value with higher profit margins and lower working capital. He said that the product offerings are carefully developed to suit diverse tastes and provide multiple options for different occasions.

He continued, noting that this confirms the success of the company’s expansion strategies and the development of its business and products by launching a new collection that combines innovation and elegance, meeting market needs and keeping pace with the latest trends in the world of jewelry by offering advanced and elegant designs that reflect the taste of Arab women. He affirmed the company's commitment to providing the best products that combine beauty and innovation, focusing on meeting its customers' needs, enhancing its presence in the market, and keeping pace with the latest global trends.