RIYADH: Saudi jeweler L’azurde's share slipped 2.15 percent at the closing bell of Monday despite reporting a 22 percent profit rise in the first half of 2022 on the back of higher retail sales.
Shares of the jeweler fell to SR16.38, against SR16.74 the previous close.
It reported a profit of SR22.2 million ($5.9 million) in the first half compared to SR18 million in the same period last year, according to a bourse filing.
The results were helped by higher revenues, higher gross profits, and reduced financing costs.
Saudi retail revenues surged 12.6 percent over the same period last year following the easing of precautionary measures regarding COVID-19.
In Egypt, retail revenues rose 5 percent due to an increase in revenues at the same stores, the opening of new outlets in the past year, and the increase in selling prices to counter the lower exchange rate, it said.