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.
INSEAD celebrates outstanding women
INSEAD, a leading business school, has unveiled 50 big ideas from 50 of its female academics through its “50 Years, 50 Women, 50 Ideas” key initiative. These ideas, from the school’s female faculty and doctoral alumnae, celebrate 50 years of INSEAD women leading academic excellence.
The initiative was launched in honor of the school’s year-long celebration of iW50, a campaign to mark the 50th anniversary of the first female graduates from the INSEAD MBA program. For each year of action and progress toward gender diversity, 50 female academics from INSEAD share their big idea, which encapsulates the essence of their thought-leading research.
Laurence Capron, dean of faculty at INSEAD and professor of strategy, said: “These 50 women reflect the heart and soul of INSEAD’s academic environment: Diversity in research and teaching methods, with no single school of thought predominant. They focus on what matters most, which is rigour and impact on management as a practice and a discipline. We are proud to celebrate their achievements and thought leadership.”
Some of the big ideas from INSEAD female faculty members include:
l Annet Aris (Strategy): In a digitizing world, boards will have to focus significantly more on understanding customers and delivering superior value.
Linda Brimm (Organizational Behavior): Global cosmopolitans experience a complex array of challenges and opportunities when living and working in multiple countries.
Laurence Capron (Strategy): Firms that diversify their growth strategies last longer than those using M&A (mergers and acquisition) alone.
Lily Fang (Finance): Women should learn from men and tap into their social networks.
Maria Guadalupe (Economics and Political Science): Anti-takeover provisions reduce firm value and do not give managers additional bargaining power to obtain a higher price in the takeover negotiation.
Zoe Kinias (Organizational Behavior): Self-affirmation, achieved by reflecting on personal values, can eliminate gender gaps in business students’ performance.
Xiaowei Rose Luo (Entrepreneurship and Family Enterprise): Widely held cultural views shape security analysts’ assessment of family firms.
Renee Mauborgne (Strategy): Lasting success comes not from battling competitors but from creating “blue oceans” — untapped new market spaces ripe for growth.