L’azurde revenue up by 3.1%

Updated 10 November 2017

L’azurde revenue up by 3.1%

L’azurde, the largest gold and jewelry designer, manufacturer, distributor and retailer in the Middle East, has announced its interim financial results for the three months, ending Sept. 30.
The company’s operating revenue for the third quarter of 2017 amounted to SR76.2 million, up by 3.1 percent, compared to the same quarter of last year.
The growth was mainly driven by a 17.4 percent increase in gold wholesale revenue in Saudi Arabia, and a 37 percent increase in retail revenue due to the strong performance of L’azurde mono-brand shops and the expansion of Kenaz and airports locations.
The 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 SR44.9 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 SR28.9 million lower.
The net income for the third quarter of 2017 amounted to SR0.5 million, an increase of SR0.7 million, compared to the same quarter of last year before IFRS inventory adjustments. After the one-off IFRS adjustments, net income was lower by SR28.2 million.
Commenting on the recent results, 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 revenue 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 memorandum of understanding 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 agreement with Saudi French Duty Free Operations and Management to be the exclusive supplier of gold and jewelry in the international terminals of three major airports in the Kingdom: King Khalid International Airport, King Abdul Aziz International Airport, and King Fahd International Airport.
Since it was founded in 1980, L’azurde has excelled at the art of jewelry design. Today, it is the fourth-largest gold manufacturer in the world, selling over a million pieces of jewelry per annum.


Tunisian pavilion at Souk Okaz depicts vibrant street life

Updated 17 August 2019

Tunisian pavilion at Souk Okaz depicts vibrant street life

Visitors to the Tunisian pavilion in the Arab Neighborhood at Souk Okaz can take a pleasant journey through its different sections, which creatively depict the daily pulse of life in the streets, landmarks and markets of Tunisia, welcoming people with a taste of its cuisine, its artworks and distinctive products. 

The Tunisian pavilion highlights the country’s architectural style, welcoming accents, fragrances and music. Visitors can look at and buy famous Tunisian carpets, derived from Berber heritage in various styles such as Margoum, Kilim, Zarbia and Bekhnouk. Visitors can also buy traditional footwear, made from a range of animal skins and embroidered with silk thread. 

The amber and perfume corner captures the eye and the nose, with delicate scents of musk, amber and aromatic oils, including radish oil, castor, ginger, black seed and flaxseed. Visitors can also see a range of carvings, including representations of the holy Kaaba, the Grand Mosque of Makkah, and Tunisian monuments and artworks. Visitors can also enjoy Tunisia’s popular cuisine, and experience its varied flavors, with dishes such as harissa, leblebi, fricassée and kafteji. 

The Arab Neighborhood is being hosted in Souk Okaz for the first time this year as part of Taif Season, which is running throughout August.

Taif Season, which started on Aug. 1, seeks to contribute to achieving the Kingdom’s Vision 2030 strategy, which aims to improve quality of life, raise living standards, and create career and investment opportunities.

Events throughout the month cover trade markets and tourist and historical monuments to enhance Taif’s historic and tourist status as a summer destination for Arabs and to promote the Kingdom as an international destination.