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 market ends week in red at 11,189
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower at the end of the trading week on Thursday, falling 1.34 percent, or 152.54 points, to finish at 11,188.73.
The benchmark index opened at 11,320.52 and trended lower throughout the session, finishing well below its previous close of 11,341.27.
Market breadth was sharply negative, with only 28 gainers compared with 236 decliners. Trading activity saw a volume of 239 million shares exchanged, with total turnover reaching SR5.5 billion ($1.47 billion).
In the parallel market, Nomu closed higher, rising 0.23 percent to 23,865.95, although decliners continued to outnumber advancers. The MT30 index closed at 1,508.60, down 1.46 percent, shedding 22.38 points by the end of the session.
Among the session’s top gainers, Dar Al Majed Real Estate Co. led advances, rising 5.43 percent to close at SR9.91.
Al Aziziah REIT Fund added 4.67 percent to SR4.48, while Al Majed Oud Co. gained 2.81 percent to SR161.20. AFG International Co. advanced 2.45 percent to SR17.17, and Al Mawarid Manpower Co. rose 1.37 percent to SR125.70.
On the losing side, Saudi Research and Media Group posted the steepest decline, falling 6.88 percent to SR107. Cherry Trading Co. dropped 6.23 percent to SR28.88, while Saudi Arabian Mining Co. slipped 5.41 percent to SR72.55.
Almasane Alkobra Mining Co. declined 5.38 percent to SR102, and Power and Water Utility Co. for Jubail and Yanbu ended 4.56 percent lower at SR31.36.
On the announcements front, Saudi Industrial Investment Group released its interim financial results for the twelve-month period ended Dec. 31, 2025, reporting a return to profitability on an annual basis despite posting a quarterly loss.
The company recorded a net loss of SR104 million in the fourth quarter, compared with a net profit of SR201 million in the same quarter of the previous year, which it attributed mainly to lower selling prices, higher operating costs, and increased general and administrative expenses.
For the full year, however, the group posted a net profit attributable to shareholders of SR197 million, compared with SR161 million a year earlier, supported by higher sales volumes and improved operational performance at several subsidiaries. The stock last traded at SR14.77, down 3.59 percent.
Separately, Saudi Exchange Co. announced the approval of a request by Merrill Lynch Kingdom of Saudi Arabia to terminate its market-making activities for Saudi Arabian Oil Co., effective Feb. 8.
The exchange said the termination relates specifically to the market-making agreement for Saudi Aramco shares and was approved in line with applicable market-making regulations.
