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.
Four Seasons Bahrain transforms into island resort
A destination within a destination awaits visitors to Four Seasons Hotel Bahrain Bay, as the property transforms from an urban resort to a complete island resort with the addition of The Four Seasons Beach.
Curving along the private island’s sun-drenched southern shore, the 160-meter expanse of pristine white sand is the ideal retreat for all the family. In addition to a dedicated play area where children can enjoy building sandcastles, parents and couples can look forward to a quieter zone, sip a cool drink or take in the city’s spectacular sunsets.
Richard Raab, general manager of Four Seasons Hotel Bahrain Bay, said: “During our first three years, guests have been generous in their praise of Four Seasons, reveling in the many diversions we offer right here on our own private island in the city. When we asked what would make their experience more memorable, the answer was almost always the same: A beach. So we are delighted to now open the beach, which completes the hotel’s transition to a full-fledged island resort.”
Having previously worked at Four Seasons resorts from Hawaii to the Caribbean, Raab understands the attraction of gentle waves lapping against a stretch of white sand.
Beach lovers can look forward to the service of the Four Seasons’ staff on hand to offer everything from fresh fruit skewers and beverages, to an array of high-end sun care products and a chair-side sunglasses cleaning and repair service. Guests can also choose from a lunch and snack menu, with food served directly on the beach. After dark, the new outdoor space will transform into a venue hosting torch-lit events, and it is also available for group bookings.