Riyadh, KSA: L’azurde Company for Jewellery (“L’azurde” or “the Company”), the largest gold and jewelry designer, manufacturer, distributor and retailer in the Middle East, today announces its interim financial results for the three months ending September 30, 2017.

The Company’s operating revenues for the third quarter of 2017 amounted to SAR 76.2 million, up 3.1% compared to the same quarter of last year. Growth was mainly driven by a 17.4% increase in gold wholesale revenues in Saudi Arabia, and a 37% increase in retail revenues due to the strong performance of L’azurde mono-brand shops and the expansion of Kenaz and airports locations.

Operating expenses were in line with the same quarter of last year despite costs incurred to fund retail expansion. Gross profit for the third quarter of 2017 amounted to SAR 44.9 million, in line with the same quarter of last year before IFRS adjustments. After a one off IFRS inventory valuation adjustment in the same quarter of last year, it was SAR 28.9 million lower.

Net income for the third quarter of 2017 amounted to SAR 0.5 million, an increase of SAR 0.7 million compared to the same quarter of last year before IFRS inventory adjustments. After the one off IFRS adjustments, Net Income was lower by SAR 28.2 million.

Commenting on the company’s interim results in the third quarter of 2017, Sélim Chidiac, CEO of L’azurde, said: “Our strategy to invest in our brands, distribution networks and strategic relationships has enabled us to grow our revenues while keeping a tight grip on costs. The Group is fully embracing the new House of Brands growth strategy, with the latest initiative being the signing of the exclusive MOU for a potential acquisition. The remainder of 2017 will see us work to concurrently develop both our wholesale and retail operations and capture new growth opportunities moving forward.”

In August, L’azurde signed an exclusive operating agreement with Saudi French Duty Free Operations and Management to be the exclusive supplier of gold and jewellery in the international terminals of Saudi Arabia airports: King Khalid International Airport, King Abdulaziz International Airport, and King Fahd International Airport.

L’azurde’s interim financial results for the nine months ending September 30, 2017 can be found here:



About L’azurde 
Since it was founded in 1980, L’azurde has excelled at the art of jewelry design. Today, it is the largest gold and jewelry designer, manufacturer, and distributor in the MENA region, and the fourth largest gold manufacturer in the world, selling over one million pieces of jewelry per annum.

L’azurde has over 2,000 employees and produces more than 5,000 different jewelry models every year in 21-karat,18-karat, 14-Karat gold and diamond jewelry. The jewelry pieces are manufactured at the company’s factories in Saudi Arabia and Egypt, using advanced high-technology equipment, and distributed to more than 2,000 retailers across the GCC and MENA region, as well as being exported to more than 15 countries outside the region. L’azurde also has its own network of 20 mono brand retail shops at top malls in KSA, Egypt and the UAE, where it is focused on the sale of diamond jewelry.

In line with its strategy of becoming a ‘house of brands’, L’azurde launched in 2016 its own value diamond brand, Kenaz Jewlery to attract a new consumer segment. L’azurde also acquired the franchise for Amazing Jewelry, a silver jewelry fashion brand from Copenhagen, within 9 countries and for 25 years.

L’azurde’s fusion of traditional craftsmanship, top design and the use of precision technologies has been a key driver to its international expansion and evolution, and the Company has won many awards for its intricate designs over the years.

For further information, please contact:
Jonathan Smith
ASDA’A Burson-Marsteller
Email: Lazurde@bm.com

© Press Release 2017