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L'azurde profit drops 25% to SAR 5m in Q2

L'azurde profit drops 25% to SAR 5m in Q2
L'azurde attributed the second-quarter profit drop to a 10.9% decrease in the wholesale sector
LAZURDE
4011
-0.66% 12.12 -0.08

Riyadh – Mubasher: Saudi Arabia-based L'azurde Company for Jewellery on Thursday posted 24.58% year-on-year decrease in net profits during the second quarter of 2018, recording SAR 4.8 million, compared to SAR 6.4 million.

Quarter-on-quarter, the company's profits slid 46.34% during the period between April and June, from SAR 9.03 million.

The jewellery maker attributed the second-quarter profit drop to a 10.9% decrease in the wholesale sector, while the retail sector levelled down 11.3% due to Saudisation impact.

Operating revenues jumped 12.9% to SAR 92.8 million during Q2-18, compared to SAR 82.2 million in Q2-17. The Tadawul-listed firm further noted that wholesale sector revenues in Egypt surged by 85.7% during the same period.

L'azurde’s profits dipped 51.2% to SAR 13.9 million in the first six months of 2018, compared to SAR 28.4 million during H1-17.

L'azurde’s stock increased 2.56% to finish Thursday at SAR 18.46