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 announced its positive financial results for the third quarter of 2023.

The Company has generated a net profit of SAR 24.6 million, representing an increase of 167.4% compared to the same period of last year, and a growth of 241.7% compared to Q2 2023. For seven consecutive quarters, L'azurde has sustained a net profit, highlighting the success of its transformative strategy. The enduring expansion in both revenues and profits further reinforces the Company's leading role in the gold and jewelry sector across the MENA region.

The positive results were achieved following an increase in operating revenues which amounted to SAR 123.3 million, denoting a 7% growth compared to the previous quarter. This was complemented by a concurrent reduction in operating expenses. The Company recorded a gross profit of SAR 83.7 million, leading to an operating profit of SAR 26.5 million. This increase in profit, coupled with a reduction in financial expenses, has substantially propelled the Company's growth and maintained its financial stability.

In the Kingdom of Saudi Arabia, wholesale operating revenues demonstrated an increase of 1% from last year, whereas retail operating revenues marked a notable 2% growth. This growth can be primarily attributed to the thriving sales of L’azurde gold in traditional gold souks, in addition to the Company's expansion strategy through the opening of new outlets. In Egypt, the retail net profit increased by 10% compared to the same period last year.

Mr. Sélim Chidiac, CEO of L’azurde, remarked on the Q3 results, highlighting the Company's ongoing growth journey with consecutive quarterly net profits. This attests to the Group's successful strategic transformations aimed at expanding revenue streams and reducing costs, ultimately yielding these favorable outcomes. According to Mr. Chidiac, the positive Q3 results underscore L’azurde's enduring strength and steady performance as a leading player in the regional jewelry sector.

Mr. Chidiac said: “We constantly strive to generate new and diverse sources of income, whether through digital channels, which drive rapid growth or by expanding our market presence with new store openings and launching modern products that offer great value to consumers, while providing the Company with strong profit margins.”

The Company also seeks to expand its Miss L’ brand, focusing on contemporary jewelry, and fostering the international Tous brand by introducing new product selections tailored to meet the needs and preferences of the Arab woman. Last but not least, L’azurde is fully committed to advancing its thriving e-commerce business by making additional investments in technology, infrastructure, and systems.

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