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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.