RIYADH: L'azurde Company for Jewelry's shares dropped in early trade on Monday despite reporting a profit for the first quarter of 2022.
The Saudi jeweler's shares edged down 2.01 percent at SR16.64 ($4.4), as of 10:44 a.m. Saudi time.
Shares of the company continued to decline and at the closing bell, fell to SR16.58, down 2.13 percent
On May 22 the company reported a 34 percent boost in net profit on the back of higher sales and revenues.
The jewelry producer, which is listed on the main index TASI, generated a profit of SR13.7 million in the first quarter, up from SR10.2 million in the same period last year, it said in a bourse filing on Sunday.
The growth in net profit was primarily down to an increase in sales and revenue for the quarter of 11 percent to stand at SR614.5 million.
The company also attributed the increase in profits to higher gross profits and lower financing costs.