Riyadh – Mubasher: L’azurde Company for Jewelry (L’azurde) reported its condensed consolidated interim financial statements for the second quarter of 2019.

Net profits after zakat and tax hiked 150.8% to SAR 12.15 million in Q2-19, compared to SAR 4.8 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

L’azurde attributed the surge in profits to the increase in retail revenues by 129% due to the consolidation of revenues of the recently acquired TOUS franchisee and growth at L’azurde retail shops.

Moreover, Egypt’s revenues continued to perform strongly, for the seventh quarter in a row, with a growth of 20.1% in the wholesale channel due to a successful advertising campaign and strong customer uptake of new collections.

Revenues of the Middle East’s largest gold and jewellery designer and manufacturer jumped by 43.13% to SAR 132.8 million during the three-month period between April and June, from SAR 92.7 million in the same period of the prior year.

For the first six months of 2019, L’azurde reported a 73.8% year-on-year increase in net profits, recording SAR 24.11 million.

Revenues of the Saudi-based firm advanced by 37.5% to SAR 285.8 million in H1-19, versus SAR 207.8 million in H1-18.

Profit per share stood at SAR 0.56 during the six-month period between January and June, against SAR 0.32 in the corresponding period a year earlier.