Lazurde completes production unit in Egypt worth SAR12.6M

CAIRO – 5 February 2018: Lazurde Company for Jewelry announced on Monday that the new production unit in Egypt has been completed at a cost of SAR 12.6 million ($3.35 million), according to a press release to Saudi Stock Exchange (Tadawul).

The company added that the new production unit will be fully operational by the end of February 2018.

The project was funded through the company’s own resources generated from operations, according to the release.

The statement clarified that this new production unit will be mainly dedicated to meeting the increasing export demand, taking advantage of the low manufacturing cost in Egypt, in addition to producing new lines for the local market.

“The Financial impact is expected to appear in the company’s financial results starting the second quarter of the current year. However, it is difficult to be estimate exactly now,” the statement added.

Lazurde Company for Jewelry (known as: Lazurde) is a public company, listed on the Saudi Stock Exchange Tadawul (TDWL) since June 2016. It operates within the Consumer Durables & Apparel sector focusing on Apparel, Accessories & Luxury Goods.

It has Companies operating across Middle East focusing on Gold. Lazurde is based in Riyadh, Saudi Arabia and was established in January 1992.