Riyadh – Mubasher: L’azurde Company for Jewelry reported a 86.38% year-on-year decline in its profits during the fourth quarter of 2016, according to a bourse statement.
Net profits reached SAR 1.6 million in Q4-16, compared to SAR 11.84 million ($3.16 million) in Q4-15.
The year-on-year profit decline is mainly attributed to a decline in consumer spending across all markets, and the company's actions to reduce inventory at the retailers.
Operating revenues slid 16.8% in Saudi Arabia, 69.2% in Egypt and 49.6% in GCC in Q4-16, compared to figures recorded in Q4-15.
Net profits amounted to SAR 74.6 million in 2016, down 25.83% from SAR 100.6 million in 2015.
