Riyadh – Mubasher: Saudi Arabia-based L'azurde Company for Jewellery on Monday reported a 58.9% year-on-year drop in its profits for the first quarter of 2018.

L'azurde’s profits fell to SAR 9.03 million in the three-month period ended March 2018, compared to SAR 21.99 million during Q1-17, according to a bourse statement.

The jewellery maker attributed the decrease in its first-quarter profits to a decline in total earnings, coupled with a rise in operating expenses.

“The Egyptian market started to recover strongly since the beginning of this year. In KSA, we believe that the macroeconomic changes, government diversification initiatives, employment of women, young population and increased foreign investments,” the statement added.

L'azurde is currently focusing on implementing initiatives as raising prices in Egypt to increase profitability that will compensate the currency devaluation and provides discounts to wholesale customers in a bid to boost sales volumes.

The Saudi firm also plans to expand in retail shops by opening new showrooms in the North African nation. 

Quarter-on-quarter, the company’s profits skyrocketed 243.3% from SAR 2.63 million in Q4-17.

The stock edged up 0.11% to close Monday’s session at SAR 18.01