Riyadh – Mubasher: L'azurde Company for Jewelry reported SAR 17.5 million in net losses for last year, against a profit of SAR 17.7 million in 2018.

Although the group’s revenues increased by 3.3% to SAR 2 billion, and operating revenues grew by 18% to SAR 481.2 million, sales were impacted by lower demand due to high gold prices, which also increased financing costs of existing gold facilities, according to the company’s disclosure to the Saudi Stock Exchange (Tadawul).

Retail revenues in the company’s two biggest markets, Saudi Arabia and Egypt increased by 59% and 47%, respectively.

It is worth noting that L'azurde does not consider gold metal value as a real revenue, as it says it does not make profits or losses from sales of gold as a metal.

Accordingly, the board of directors has recommended the non-distribution of cash dividends to shareholders for 2019.