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Riyadh – Mubasher: Saudi Arabia’s L'azurde Company for Jewellery on Wednesday announced turning a profit in the fourth quarter of 2017, against suffering losses in the year-ago period.
L'azurde’s net profits amounted to SAR 2.63 million during Q4-17, against incurring net loss worth SAR 766,000 in Q4-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, the firm's profits soared 423.9%, the statement showed.
The jewellery manufacturer attributed the fourth-quarter profit to a 61.1% surge in the wholesale business after rising by 69.6% in Saudi Arabia and 48.7% in Egypt.
“There was an increase in the retail business by 63.8% whereby KSA increased by 61.8% due to expansion in KSA airport locations and Egypt grew by 78.7% due to opening new shops,” the statement added.
Operating costs decreased 15.3%, the Saudi Arabia-based company said.
Operating expenses declined 23% to SAR 32.8 million during Q4-17, compared to SAR 42.6 million in the corresponding period a year earlier.
Net profits slid 56.16% to SAR 31.54 million for the full-year 2017, down from SAR 71.95 million in 2016.
L'azurde’s stock rose 1.4%, closing Wednesday at SAR 17.40.