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
Closing Bell: Saudi main index slips to close at 10,588
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 127.15 points, or 1.19 percent, to close at 10,588.83.
The total trading turnover of the benchmark index was SR2.57 billion ($685 million), as 28 of the stocks advanced and 232 retreated.
Similarly, the Kingdom’s parallel market Nomu lost 108.53 points, or 0.46 percent, to close at 23,719.13. This comes as 22 of the stocks advanced while 47 retreated.
The MSCI Tadawul Index lost 17.17 points, or 1.22 percent, to close at 1,393.34.
The best-performing stock of the day was Sport Clubs Co., whose share price surged 3.69 percent to SR9.00.
Other top performers included Flynas Co., whose share price rose 2.55 percent to SR72.30, as well as National Industrialization Co., whose share price surged 2.13 percent to SR10.09.
Consolidated Grunenfelder Saady Holding Co. recorded the most significant drop, falling 6.61 percent to SR8.90.
Sustained Infrastructure Holding Co. also saw its stock prices fall 5.75 percent to SR30.82.
CHUBB Arabia Cooperative Insurance Co. also saw its stock prices decline 5.72 percent to SR22.40.
On the announcements front, Wataniya Insurance Co. said it has received a notice of award for a one-year contract with Saudi National Bank to provide general insurance as well as protection and savings insurance services, in line with agreed terms and conditions.
According to a Tadawul statement, coverage will begin on Jan. 1, 2026. The contract value exceeds 15 percent of the company’s total revenues, based on its latest audited financial statements for 2024.
Wataniya Insurance Co. ended the session at SR14.35, up 1.92 percent.
Fawaz Abdulaziz Alhokair Co., or Cenomi Retail, has announced executing a SR1.5 billion facility agreement structured as a short-term loan with Emirates NBD – Kingdom of Saudi Arabia. A bourse filing revealed that the financing duration is three years with an option to extend for a total of two years.
Cenomi Retail ended the session at SR20.00, up 0.26 percent.
First Milling Co. has announced the Board of Directors’ recommendation to amend the firm’s bylaws Article “Company Management” to increase the number of board members from seven to eight. This change reflects the firm’s commitment to broadening the range of expertise and skills on its board, in line with its growth and expansion plans for the next phase.
The company reiterated its commitment to fulfilling all necessary procedures and obtaining approvals from the relevant authorities. The recommendation will be submitted to the upcoming General Assembly, with the date to be announced in due course.
First Milling Co. ended the session at SR49.22, down 1.06 percent.
