Riyadh – Mubasher: Saudi Arabia-based L’azurde Company for Jewellery on Tuesday announced generating SAR 3.7 million in net profits after taxes and zakat, an increase of 6.37 times compared to SAR 0.5 million in the same quarter of last year.

Group operating revenues hiked 29.3% to SAR 98.5 million in the three-month period ended September, compared to SAR 76.2 million in the year-ago period, according to a bourse filing.

The third-quarter profit surge is attributed to the strong growth in Egypt’s revenues, as wholesale revenues grew 30.7% and retail by 170.0%, due to a successful advertising campaign, a positive economic recovery, and opening new shops.

In Saudi Arabia, wholesale and retail revenues increased by 16.8% and 10.0%, respectively in the July-September period of 2018.

During the nine months of 2018, operating revenues rose 9.3% to SAR 306.3 million, compared to SAR 280.3 million in the same period a year earlier.

Net income declined 39.2% year-on-year to SAR 17.6 million during the nine-month period ended September, compared to SAR 28.9 million, due to higher expenses, including a one-off cost of due diligences of an acquisition.

The comprehensive income attributable to shareholders of the Saudi Jewellery maker decreased by 21.5% to SAR 20.2 million by the end of September, versus SAR 25.7 million in the corresponding period of last year. While Basic Earnings per Share (EPS) fell to SAR 0.41, against SAR 0.67 in the same period the year before.

The jewellery maker logged a profit of SAR 4.8 million during the second quarter of 2018, from SAR 6.4 million in Q2-17.

During the first six months of 2018, the firm’s profits retreated 51.2% to SAR 13.9 million, compared to SAR 28.4 million during H1-17.