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 to the same period last year.

Commenting on that results, Mr. Sélim Chidiac, CEO of L’azurde said: “L’azurde has succeeded in achieving constantly positive results, due to generating new and various revenue streams, whether through digital channels that bring accelerated growth, or through opening of new outlets, launching modern products that offer great value to consumers and provide us with strong profit margins”.

He added: “In 2022, the Company provided its clientele with a variety of brands including L’azurde, Tous, and Miss L’ and we work on promoting and innovating our products to adapt and win in times of changing consumer shopping behaviors”. Mr. Chidiac explained that the plans of the Company include expanding its Miss L’ brand of modern jewelry, through new retail selling points and promoting the role of agents, and through e-commerce.  In addition, the Company will be developing the international Tous brand in KSA through e-commerce and an innovative product assortment, meeting the requirements of the modern woman.