L’azurde revenue up by 3.1%
L’azurde revenue up by 3.1%
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.
Bank Al-Bilad leaders benefit from Ashridge program
More than 20 senior leaders from Bank Al-Bilad recently participated in an Ashridge Executive Education Leadership Development Program in Riyadh. With a focus on building 21st century leadership capabilities, this highly experiential and practical learning approach helped leaders communicate their strategic vision, set direction and develop high-performing teams to succeed within the dynamic and fast-moving Saudi banking sector.
With over 20 years of experience in developing regional business leaders, Ashridge delivered a highly customized program, designed not only to address the specific challenges facing the bank’s leaders today, but also to unlock emerging opportunities in the future.
Haitham Al-Medainy, general manager of Bank Al-Bilad, said: “Banking executives must constantly evolve their strategic platforms to keep pace with emerging challenges. In our sector, change is constant — from changing regulations to economic movements — and our leaders need to be prepared to tackle these issues with a focus on organizational leadership. The Ashridge program combined leadership development with strategic thinking and gave them hands-on development in solving their daily business challenges.”
The program was led by Ashridge’s international faculty team of Colin Williams and Tony MacRae. “This was an exciting collaborative partnership with Bank Al-Bilad, and a great opportunity to engage with and develop the bank’s leaders around their essential leadership and strategic capabilities necessary to successfully compete in today’s complex and challenging marketplace,” they said in a statement.
Established in 1959, Ashridge is a leading business school for working professionals with an international reputation for leadership development. It is among the 1 percent of business schools globally accredited by AMBA, EQUIS and AACSB; these are the highly regarded benchmarks of quality and standards in business education worldwide.
Each year it works with over 6,000 managers from 850 organizations in 60 countries by helping them to develop their leadership capabilities.
Regionally, Ashridge has over 20 years’ experience in the Middle East, designing and delivering senior leadership assessment and development projects.