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L'azurde’s Q1 profit rises 32.5%

L'azurde’s Q1 profit rises 32.5%
L'azurde’s profits grew to SAR 11.96 million in Q1-19
LAZURDE
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Riyadh – Mubasher:  L'azurde Company for Jewellery reported a 32.47% rise in profits during the first quarter of 2019, compared to the year-ago period.

L'azurde’s profits grew to SAR 11.96 million in Q1-19 from SAR 9.03 million during Q1-18, according to a bourse statement on Wednesday.

The Jewellery distributor and manufacturer attributed the increase in Q1-19 profit to higher operating revenues, robust revenues from Egypt’s operations, coupled with opening new shops.

 “Operating expenses of SAR 65.6 million for Q1-19 were 44.4% higher than Q1-18 of SAR 45.4 million mainly due to higher marketing expenses, higher variable expenses related to higher revenues,” the statement added.

Quarter-on-quarter, L'azurde’s profits skyrocketed 13146% from SAR 120,000 in Q4-18.