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L'azurde reports 588.5% higher losses in 2020

L'azurde reports 588.5% higher losses in 2020
The group's revenues reached SAR 1.278bn
-0.79% 22.50 -0.18

Riyadh – Mubasher: The net losses after zakat and tax of L'azurde Company for Jewelry surged by 588.571% to SAR 120.5 million in 2020 from SAR 17.5 million in 2019.

Higher losses are mainly driven by lower operating revenues due to the impact of the coronavirus (COVID-19) outbreak, according to the company's financial results for 2020.

The group's revenues reached SAR 1.278 billion last year, down 35.316% from SAR 1.976 billion in 2019.

The group reported a 45.2% year-on-year (YoY) decline in its wholesale revenues in Saudi Arabia during 2020 and a 24% decrease in the wholesale revenues in Egypt.

The loss per share stood at SAR 2.8 in 2020, compared to SAR 0.41 in 2019.