DUBAI: Saudi jeweler L’azurde has returned to profitability as it cut costs and benefited from a rebound in sales, especially in Egypt.
It reported a profit of SR10.2 million ($2.7 million) in the first quarter of 2021 compared to a loss of SR1.6 million. Group operating revenues for the first quarter of 2021 gained about 21.4 percent from a year earlier to SR138.9 million,.
Saudi retail revenues increased by 2.4 percent compared to the same quarter of last year due to the easing of COVID-19-related precautionary measures, it said.
That helped to partially offset the decline in sales in airports. In Saudi Arabia, wholesale revenues were 8.6 percent higher than a year earlier.
However it was Egypt that was the stand out performer for the group over the quarter.
"In Egypt, retail revenues impressively increased by 62.1 percent mainly attributable to the growth of revenues in same shops, the successful launch of Miss L’, the new fast growing Lazurde e-commerce platforms and the opening of six new outlets in the last twelve months,” the company said in a stock exchange filing.
It said that a number of strategic initiatives undertaken by the company, including the optimization of its gold working capital, had started to yield results.
Group finance costs in the first quarter of 2021 fell about 22 percent to SR9.5 million from a year earlier.
Saudi jeweler L’azurde returns to profit as Egypt sales surge
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Saudi jeweler L’azurde returns to profit as Egypt sales surge
- It reported a profit of SR10.2 million ($2.7 million) in the first quarter of 2021 compared to a loss of SR1.6 million
G7 countries to release oil reserves in global push to tackle Iran war energy price surge
- IEA expected to recommend the largest oil reserve release in the agency’s history
RIYADH: Germany, the US, Japan and Austria will release part of their oil reserves after the International Energy Agency recommended the release of 400 million barrels of oil from stockpiles, the largest such move in IEA history.
Germany’s Economy Minister Katherina Reiche confirmed on Wednesday the government plans to limit petrol price increases at filling stations to once a day and to introduce more stringent antitrust regulation of the sector.
She did not give an exact timing for those measures, but added that the US and Japan would be the largest contributors to the release of the oil reserves.
The announcements did not stop oil prices rising, with Brent crude up 3.26 percent to $90.66 a barrel at 4:29 p.m Saudi time, and West Texas Intermediate up 3.12 percent to $86.05. Both were some way below the $119 a barrel seen earlier in the week.
“The situation regarding oil supplies is tense, as the Strait of Hormuz is currently virtually impassable,” Reiche said.
“We will comply with this request and contribute our share, because Germany stands behind the IEA’s most important principle: mutual solidarity,” Reiche said about the IEA’s request.
According to a statement by Reiche’s ministry, Germany will contribute 2.64 million tonnes of oil. This corresponds to 19.51 million barrels.
Reiche stressed there was no supply shortage in the country, which has a legally mandated reserve of oil and oil products intended to cover 90 days’ demand.
The IEA’s move comes as countries are grappling with soaring crude prices amid the US-Israeli war with Iran.
Austrian Economy Minister Wolfgang Hattmannsdorfer said his country was releasing part of the emergency oil reserve and extending the national strategic gas reserve, adding: “One thing is clear: in a crisis, there must be no crisis winners at the expense of commuters and businesses.”
Acting ahead of the IEA move, G7 member Japan announced plans to release 15 days' worth of private-sector oil reserves and one month's worth of state oil reserves.
“Rather than wait for formal IEA approval of a coordinated international reserve release, Japan will act first to ease global energy market supply and demand, releasing reserves as early as the 16th of this month,” Prime Minister Sanae Takaichi said in a broadcast statement.
