L'Azurde eyes acquisitions in Saudi Arabia, Egypt: CEO

L'Azurde for Jewelry Co. is actively looking to acquire companies in Saudi Arabia and Egypt to expand its operations, chief executive Selim Chidiac told CNBC Arabia on Wednesday.

The jewelry manufacturer’s Q3 2018 results came out strong, when compared to the same period in 2017, with its revenue from the retail and wholesale business growing by 29 percent.

“L’Azurde’s revenue from the Saudi retail and wholesale activities rose ten percent. Meanwhile in Egypt, revenue from the wholesale and retail business increased 30 percent and 100 percent respectively, backed by strong growth potentials in the market,” Chidiac added.

The company recently acquired Izdiad Commercial Co. of Arabia, the operator of TOUS international brand in the Kingdom, Argaam reported.

L’Azurde’s third-quarter net profit surged to SAR 3.7 million from SAR 500,000 a year earlier.