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.
Emirates wins Skytrax World Airline Award
Emirates has won World’s Best Inflight Entertainment award for the 14th year in a row at the Skytrax World Airline Awards 2018. The airline also secured a service excellence award for best airline staff service in the Middle East this year.
The Skytrax World Airline Awards are considered a global benchmark of airline excellence. This year’s results were decided by more than 20 million customers across 100 countries. The survey reviewed over 335 airlines from August 2017 to May 2018.
“It’s an honor to be recognized by Skytrax for our commitment to innovation and service excellence. We always work hard to stay creative, relevant, and continue to build content that appeals to our multi-national and multi-cultural passengers. The fact that these awards are based on the direct feedback from passengers is gratifying and wonderful recognition for all of the hard work that’s gone into creating the Emirates experience,” said Patrick Brannelly, Emirates’ divisional vice president for customer experience.
Emirates has always been an innovator within the industry as the airline was the first to install TV screens in every seat on every aircraft in its fleet in 1992. ice, the award-winning inflight entertainment system, now offers over 3,500 channels of entertainment, including over 100 kids’ channels and 850 movies from around the world.
Emirates has also been investing in providing connectivity and Live TV for its customers. Over 70 percent of all Emirates’ aircraft offer Live TV, including all its Boeing 777-200LR and 777-300ER fleet. Live TV provides passengers and sport enthusiasts an opportunity to watch their favorite matches and tournaments on Sport 24 and Sport 24 Extra. Passengers can also enjoy a selection of international news channels such as CNN, BBC World News, Sky News, Euro News, CNBC, and NHK World. Live TV is available on over 170 Emirates aircraft including its Boeing 777 fleet and select Emirates A380s.