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.
BMW Group Middle East names new managing director
Dr. Hamid Haqparwar, 38, currently director of sales and marketing at BMW Group Middle East, has been appointed as the managing director of BMW Group Middle East with effect from Oct. 1.
Dr. Haqparwar is an automotive professional with and extensive international background. He started his career at BMW Group headquarters and has held different senior management roles within BMW since then. Before joining BMW Group Middle East, Dr. Haqparwar was employed as the director sales and director of sales channel development for BMW India. The Middle East is not new to him since he already was a sales area manager and the head of product management in the region from 2008 to 2012. In his new role as managing director, he will be responsible for driving the BMW Group business and sales forward across 13 markets in the region.
Dr. Haqparwar completed his Ph.D at the University of St. Gallen, Switzerland, holds an MBA degree from Western Carolina University in the US and graduated in business administration from the University of Mannheim, Germany.
He replaces Johannes Seibert, 57, who left BMW AG on July 31.
Hendrik von Kuenheim, senior vice president, Africa, Russia, importer markets Eastern Europe and Middle East, said: “We are delighted to welcome Dr. Hamid Haqparwar in his new role as managing director of BMW Group Middle East. We have every confidence that his in-depth knowledge of brand, product and dealer development as well as his sales and marketing expertise will help to further strengthen the BMW and MINI brand in the region. With his long-standing experience and dedication to the market we are convinced that he will provide valuable guidance and contribution to the continued business success of BMW Group in the region.
“I would also like to take this opportunity to thank Johannes Seibert for the many years of personal commitment at BMW Group Middle East. Under his leadership we have seen record sales in a very challenging environment.”
With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is a leading premium manufacturer of automobiles and motorcycles and also provides premium financial and mobility services. The BMW Group production network comprises 30 production and assembly facilities in 14 countries; the company has a global sales network in more than 140 countries.