L’azurde’s Net Profit Falls 62% to SAR 11.7 Million in 2024

L’azurde Company for Jewelry announced today that its net profit dropped to SAR 11.7 million by the end of 2024, compared to SAR 31 million in 2023, reflecting a 62% decline. This came following the release of the preliminary financial results for the period ending December 31, 2024.

Key Financial Highlights:

• Operating profit fell 20% to SAR 64 million, compared to SAR 80 million in 2023.
• Shareholders’ equity (excluding non-controlling interests) declined 23% to SAR 279 million, down from SAR 360 million in 2023.
• Earnings per share (EPS) stood at SAR 0.2, compared to SAR 0.54 in 2023.

Revenue Performance:

• Total revenue (including gold value) increased 13.3% to SAR 2,108.5 million, up from SAR 1,864.2 million in 2023.
• Operating revenue (excluding gold value) rose 0.4% to SAR 462.2 million, compared to SAR 460.4 million in 2023.

Segment Growth:

• Saudi Arabia:

  • Retail operating revenue grew 18.2% year-on-year, driven by higher sales in existing stores and the opening of eight new stores in prime locations.

• Egypt:

  • Wholesale operating revenue rose 43.4% in EGP and 3.9% in SAR, supported by strong L’azurde gold sales in traditional markets.
  • Retail operating revenue increased 44.0% in EGP but declined 1.3% in SAR, with six new store openings boosting performance.