DOCSLIB.ORG

| Annual Report Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
| Annual Report Contents | ANNUAL REPORT CONTENTS CONTENTS CORPORATE OVERVIEW 06 Chairman’s and CEO’s Statement 10 About L’azurde 16 Key Milestones 18 Profile of the Board 24 Profile of Executive Management STRATEGIC BUSINESS REVIEW 30 L’azurde’s Principal Business Activities 36 Business Description 38 Business Model 60 L’azurde’s Ownership Structure FINANCIAL PERFORMANCE 70 Key Financial Highlights 86 Dividend Policy 90 Risk Factors CORPORATE GOVERNANCE 98 Board Formation 116 Policies and Code of Governance 134 Communication with Shareholders 140 Audit Committee Report CONSOLIDATED FINANCIAL STATEMENTS 144 Consolidated Financial Statements 2 3 �� CORPORATE OVERVIEW 4 5 01 | CORPORATE OVERVIEW CHAIRMAN AND CEO’S STATEMENT CHAIRMAN’S AND CHAIRMAN'S AND CEO'S STATEMENT Despite the Company’s net loss generated by all the above- 2020 was unlike any other year. With the global pandemic and a mentioned factors, the Group has managed to generate a worldwide lockdown, the past year was challenging for all. For significant positive cash inflow from its operations amounting CEO’S STATEMENT L’azurde, 2020 was also marked by a sharp increase in gold to SAR 58.7 million in 2020. This was achieved by increasing prices and the tripling of KSA VAT to 15%. As a result of these collection from wholesale customers and higher sales in the major market shocks, L’azurde posted a substantial loss in retail channel. The Group has also reduced its gold working 2020. Despite this, we are pleased to have produced a positive capital by 36% from 6.6 Tons in December 2019 to 4.2 tons in cashflow and to have made major advances in executing the December 2020. transformation program that we announced in 2019. Of the positives that came out of 2020, the Company’s new L’azurde is implementing major changes to its business model e-commerce business launched in April 2020 achieved and mix to meet modern consumer trends while at the same revenues of SAR 6.6 Million, representing already 2% of the time building on our strong brand and 40-year experience total Group operating revenues. Those revenues amounted to in the jewelry industry. This strategy includes the expansion 15% of the Miss L’ products sold online and offline. On a run- of our retail presence in top malls and an increased focus rate basis, e commerce sales accounted for 5.5% % of total on the affordable and fashion jewelry segments, the fastest retail sales in the fourth quarter. growing parts of our market. To this end, we have acquired Relaunched with a new creative direction, an attractive the Tous fashion jewelry franchise for Saudi Arabia, launched packaging design and a trendy modern assortment, Miss our own new brand, Miss L’, targeting the fashion segment L’ increased its brand value and secured a strong market with affordable gold jewelry and achieving SAR 44 million in position, which resulted in a significant increase in revenues sales in 2020, expanded our L’azurde and Kenaz retail network from SAR 14 million in 2019 to SAR 44 million in 2020. and developed a new, fashion line, L’azurde Instyle, to be sold through our traditional channels in the gold souks. We have also committed major resources to the E-Commerce channel, MAIN ACTIVITIES AND KEY achieving in 2020 sales of SAR 6.6 million since its launch in ACHIEVEMENTS IN 2020 April 2020. For the first time in 2020, L’azurde started selling gold jewelry At the same time, we have not been neglecting our traditional by piece in its core wholesale channel with the aim of enhancing business centered on selling gold by weight through the gold its gross margin and reducing its working capital. The first line souks. 2020 was a difficult year for our customers, with the sold by piece in the wholesale channel was launched under the convergence of COVID 19, high gold prices and increased name of L’azurde Instyle in the Fourth quarter. It has started VAT. We therefore took the decision to recall a large quantity well and shows a promising potential. It is worth noting that of products from this channel to help our customers survive with Instyle, L’azurde is not only selling gold jewelry by piece difficult times and reposition for growth. This also reduced in the wholesale channel for the first time, but it is also using our credit risk and materially reduced our working capital. At the latest Radio Frequency Identification (RFID) technology the same time, we streamlined our sales force and revamped for jewelry, which will enable the Company to boost its selling our product designs. In a major new initiative, we introduced efficiency, optimize its investment in gold working capital and Mohammed Ebrahim Juma Al Shroogi Selim Chidiac L’azurde Instyle. This is a new line of fashion jewelry to be reduce its costs. sold by piece, rather than by weight, through our traditional Chairman Chief Executive Officer Instyle features exquisite pieces of jewelry encrusted with channels. This new line, which is complementary to our diamonds, pearls and precious stones. As its name suggests, traditional assortment, will help our long-standing customers “ Instyle promises all L’azurde jewelry lovers fashionable and to rebound from the market shocks of 2020. ultra-modern ornaments which can be styled in glamorous looks to keep up with the latest design and color trends in the 2020 NET INCOME AND worlds of fashion and jewelry. BUSINESS PERFORMANCE The new brand Miss L’ has performed successfully in 2020, 2020 was unlike any other year. With the global pandemic In 2020, L’azurde witnessed a decrease in its wholesale channel building on its new positioning as a young brand and a and a worldwide lockdown, the past year was challenging revenues in both KSA and Egypt. In KSA, wholesale revenues new creative direction offering attractive assortment and were 45.2% lower than last year, negatively impacted by the packaging. With new collections launched regularly, the for all. complete closure of gold souks and malls from mid-March brand’s revenues raised significantly despite the challenging to end of April, reduced working hours in May and June due circumstances. Marked by regular collaborations with top to COVID-19, the tripling of VAT to 15% from 1 July 2020 and influencers in both KSA and Egypt, Miss L’ has attracted a the sharp increase in gold price. Wholesale revenues in Egypt loyal base of young customers with its fashionable, trendy and “ also declined by 24.0% compared to last year due to reduced colorful jewelry assortment, all crafted in the highest-quality working hours enforced in Egypt’s malls and souks in the first gold at amazing prices. half of the year due to COVID-19 and the sharp increase in gold price. While the traditional wholesale business selling jewelry by weight represented a lower share of revenues in 2020 While retail revenues decreased by 37.5% in KSA, they compared to 2019, the Company expects that the share however increased in Egypt by 24.4% organically and due to of jewelry sold by piece will continue growing rapidly, the opening of five new locations in 2020 for selling Miss L’ and which will enhance gross margins and reduce the Group’s diamond jewelry. working capital. 6 7 01 | CORPORATE OVERVIEW CHAIRMAN AND CEO’S STATEMENT CHAIRMAN’S AND CEO’S STATEMENT On another note, L’azurde worked on strengthening its retail network in the past year through the opening of five new locations in Egypt during 2020 for selling Miss L’ and diamond jewelry, a step that contributed to overcoming the impact of reduction in working hours after precautionary actions were taken due to COVID-19. As a key and unprecedented step, 2020 also saw the launch of L’azurde’s new fast growing e-commerce business in the past month of April. The new business which has already generated revenues of SAR 6.6 million in 2020, offers customers a modern and convenient style of shopping, and a safe one too especially at the time where people were confined to their homes because of the COVID-19 pandemic. Last but not least, the Company restructured itself in 2020 by recalling products from wholesale customers to clear the wholesale channel and set it up for growth in 2021, with the objective of reducing risk and supporting L’azurde’s customers in the face of COVID-19. OUTLOOK FOR 2021 4. Rebuilding the volume and optimize the traditional wholesale business selling jewelry by weight through working capital L’azurde has a very solid brand name, a strong heritage, a deep reduction and costs efficiencies. jewelry industry knowledge, an experienced management team and a very committed Board of Directors all of which will 5. Leveraging our solid customers’ network in the traditional ensure the successful transformation of the Company and its gold jewelry market to fully develop the recently launched future success. In 2021, we will be focusing on a number of L’azurde Instyle jewelry line sold by piece. As the market key drivers, namely: leader, L’azurde will help reshape and transform the traditional Gold jewelry segment by offering a new jewelry 1. Developing the fast-growing Miss L’ fashion j e w e l r y line meeting the consumers’ latest trends and offering line to its full potential through our own retail points of sales, retailers very attractive commercial terms. e-Commerce and 3rd party retailers in modern trade. 6. Scaling our promising fast growing e-Commerce business 2. Expanding our successful L’azurde retail business in Egypt through more investments in technology, infrastructure, through new points of sales and a stronger assortment.
Load more

Recommended publications
  • Al Danah GCC Equity Trading Fund
    Al Danah GCC Equity Trading Fund Annual Report - 2020 CONTENT INVESTMENT FUND INFORMATION FUND PERFORMANCE FUND MANAGER CUSTODIAN AUDITOR FINANCIAL STATEMENTS 2 Al Danah GCC Equity Trading Fund A. INVESTMENT FUND INFORMATION 1. Al Danah GCC Equity Trading Fund 2. Investment objectives and polices Objectives of the Fund Al Danah GCC Equity Trading Fund is an open-end equity fund that aims to achieve medium and long-term capital growth by investing in listed companies that are compliant with the provisions of Islamic Shariah, in addition to companies listed in the markets of other Arab countries in the Middle East and North Africa at a rate of up to 20% of its net asset value provided that all the Fund’s assets comply with the Shariah rules specified by the Fund’s Shariah Committee. The Fund Manager has the right to invest in companies established in the countries of the Middle East and North Africa and whose main activity is concentrated in those countries, and which are listed in any of their capital markets or any of the other financial markets outside the region. In addition to investing in the shares of companies listed in those financial markets, the Fund Manager can invest in all other financial securities such as Real Estate Investment Trust funds (REIT), Exchange Traded Funds (ETF) and others. Investment Policies When choosing its investments, the Fund Manager considers the company's fundamentals, long-term profitability, ability to meet debts obligations, management capabilities, strategies, economic perspective, the level of competition and other similar factors. It analyzes these factors in addition to conducting relevant economic and sector research which may have impact on the company's future position.
    [Show full text]
  • Self-Orientalism in Arab Pop Music | Norient.Com 6 Oct 2021 19:13:25
    Self-Orientalism in Arab Pop Music | norient.com 6 Oct 2021 19:13:25 Self-Orientalism in Arab Pop Music COMMENTARY by Nermin Abbassi When Saad Lamjarred’s hit song «Lm3allem» topped the charts with more than eight hundred million views and became one of the most famous Arab songs worldwide, reinterpreted in English, Hindi, and Korean, little attention was given to the self-Orientalist imageries that were propagated by this song. If anything, argues political scientist Nermin Abbassi, this music video is another invitation to further endorse the global trend of Orientalist consumerism in the audio-visual field. Here is a small experiment one should do when discussing self-Orientalism in Arab pop music: watch Katy Perry’s music video «Dark Horse» without focusing on the lyrics or who the singer is and apply the same process to Myriam Fares’ song «Aman» or better yet, Saad Lamjarred’s songs «Ghaltana» or «Lm3allem». Will you be able to tell the backgrounds of these artists apart or even spot major differences? The Reinvigoration of the Oriental The answer is probably no. These music videos share analogous postmodernist décor glued to ahistorical Orientalist imageries of exotified objects, women, and essentialist cultural representations; though one should state that Arab artists do add an extra creative layer to it. https://norient.com/nermin-abbassi/self-orientalism-arab-pop-music Page 1 of 4 Self-Orientalism in Arab Pop Music | norient.com 6 Oct 2021 19:13:25 Myriam Fares’ song «Aman» features a 500-year old poetry verse mixed with electronic music, in a video themed around an «exotic Oriental woman» in different belly dancers’ costumes, with mystical digital effects of a turning Sufi dervish.
    [Show full text]
  • Turning Challenges Into Opportunities
    Turning Challenges into Opportunities Annual Report 2020 Contents Overview Strategic Review 04 At a Glance 16 Chairman’s Statement 06 Strategic and Financial Highlights 18 Board of Directors and Member Classification 08 Year in Review 20 Group CEO’s Message 11 Turning Challenges into Opportunities 22 Executive Management 12 Investment Case 24 Our Strategy and Business Model 26 Our Journey 28 Food Investments 38 Retail Investments 46 Our People 52 CSR and Sustainability Directors’ Report 62 Main Activities and Financial Disclosures 78 Corporate Governance Report and Major Relevant Disclosures 111 Savola Group Audit Committee Report 1 Overview 04 At a Glance 06 Strategic and Total Assets Increase Our Food Investments Financial Highlights In 2020, our total assets 43% of Group Revenue increased by 1.5% to 08 Year in Review SAR 27 billion. 11 Turning Challenges into Opportunities 12 Investment Case 1.5% Forbes Top 100 Ranked 14th in Saudi Arabia, and 39th in Middle East in Forbes’ list of ‘Top 100 Companies in the Middle East 2020’ 43% Our Retail Investments 57% of Group Revenue 14 Best Workplaces Ranked 17th in this year’s ranking of Saudi Arabia’s Best Workplaces. 17 57% Our Campaign Against Our Investment Proposition COVID-19 With over 40 years track record We launched a national of business growth, we offer a campaign to help reduce the unique investment proposition impact of the virus on the people and a diversified portfolio of of the Kingdom popular consumer brands in the food and retail sectors. Savola is a key contributor to the Kingdom’s food security.
    [Show full text]
  • Board of Directors' Report
    BOARD OF DIRECTORS’ REPORT 50 The National Commercial Bank | Annual Report 2019 51 Board of Directors’ Report THE BOARD OF DIRECTORS OF THE NATIONAL COMMERCIAL BANK IS PLEASED TO PRESENT ITS ANNUAL REPORT FOR 2019. THE REPORT COVERS THE YEAR’S PERFORMANCE, ACHIEVEMENTS, AND CONSOLIDATED FINANCIAL STATEMENTS, AS WELL AS THE BUSINESS ACTIVITIES OF THE BANK, ITS SUBSIDIARIES, AND AFFILIATED COMPANIES. 1. MAIN ACTIVITIES The Bank’s activities cover five operating segments that constitute its strategic businesses. These provide diverse banking products and services, as well as Shariah-compliant products, not related to special commissions, approved and supervised by an independent Shariah Board. The activities are independently managed through an effective organizational structure and internal reporting. Retail Banking: Provides banking services to individuals and private banking customers, including financing and current accounts, as well as products in compliance with Islamic Shariah. These products are supervised by NCB’s independent Shariah Board. Corporate Banking: Provides banking services to corporates and small and medium-sized businesses, and Shariah-compliant financing products, including cash management and trading services, as well as conventional credit products. Treasury: Provides all treasury and correspondent banking products and services, including money market and foreign exchange, to the Group’s customers. Treasury also conducts investment and trading activities (locally and internationally). Capital Market: Provides wealth management, asset management, investment banking, and share brokerage services (local, regional, and international). International Banking: Comprises banking services provided outside Saudi Arabia, including Türkiye Finans Katılım Bankası. 2. KEY EVENTS AND ACHIEVEMENTS 2019 was another very successful year for NCB, during which it grew its leadership in the Saudi banking sector.
    [Show full text]
  • Kuwait Times 1-11-2017.Qxp Layout 1
    SAFAR 12, 1439 AH WEDNESDAY, NOVEMBER 1, 2017 Max 32º 32 Pages 150 Fils Established 1961 Min 21º ISSUE NO: 17370 The First Daily in the Arabian Gulf www.kuwaittimes.net Passenger seatbelt required to Jordan water crisis worsens as Historic Jewish quarter of Invincible Guardiola is 3 avoid vehicle impoundment 11 Mideast tensions slow action 32 Marrakesh sees revival 15 ripping up record books IMF urges Gulf to switch from oil, projects deficits of $160bn Fund warns GCC rift could dampen growth, endorses Saudi business zone DUBAI: The IMF yesterday advised economies to accelerate their diversi- energy-rich Gulf economies to speed fication outside oil and to promote a Dust hits up their diversification away from oil greater role for the private sector to after projecting the worst growth for lead growth and create additional the region since the global financial jobs,” said Jihad Azour, director of Kuwait with crisis. Oil exporters in the Middle the Middle East and Central Asia at East, especially those in the Gulf IMF. “Preparing their economies to cold winds Cooperation Council, have been hit the post-oil era is something that is hard by the collapse in crude prices becoming a priority for authorities all KUWAIT: A dust wave gripped which provided a major part of their over the GCC,” Azour said. “We are Kuwait in the early hours of yesterday, finances. Following the slump, GCC seeing governments developing causing visibility to drop drastically. members Bahrain, Kuwait, Oman, diversification strategies and intro- Along with the storm, relatively cold Qatar, Saudi Arabia and United Arab ducing a certain number of reforms to winds were blowing with the visibility Emirates undertook fiscal measures allow the economy to be prepared for level at 500 m in some areas.
    [Show full text]
  • Deloitte Studie
    Global Powers of Retailing 2018 Transformative change, reinvigorated commerce Contents Top 250 quick statistics 4 Retail trends: Transformative change, reinvigorated commerce 5 Retailing through the lens of young consumers 8 A retrospective: Then and now 10 Global economic outlook 12 Top 10 highlights 16 Global Powers of Retailing Top 250 18 Geographic analysis 26 Product sector analysis 30 New entrants 33 Fastest 50 34 Study methodology and data sources 39 Endnotes 43 Contacts 47 Global Powers of Retailing identifies the 250 largest retailers around the world based on publicly available data for FY2016 (fiscal years ended through June 2017), and analyzes their performance across geographies and product sectors. It also provides a global economic outlook and looks at the 50 fastest-growing retailers and new entrants to the Top 250. This year’s report will focus on the theme of “Transformative change, reinvigorated commerce”, which looks at the latest retail trends and the future of retailing through the lens of young consumers. To mark this 21st edition, there will be a retrospective which looks at how the Top 250 has changed over the last 15 years. 3 Top 250 quick statistics, FY2016 5 year retail Composite revenue growth US$4.4 net profit margin (Compound annual growth rate CAGR trillion 3.2% from FY2011-2016) Aggregate retail revenue 4.8% of Top 250 Minimum retail Top 250 US$17.6 revenue required to be retailers with foreign billion among Top 250 operations Average size US$3.6 66.8% of Top 250 (retail revenue) billion Composite year-over-year retail 3.3% 22.5% 10 revenue growth Composite Share of Top 250 Average number return on assets aggregate retail revenue of countries with 4.1% from foreign retail operations operations per company Source: Deloitte Touche Tohmatsu Limited.
    [Show full text]
  • The Savola Group: a Different Kind of a Saudi Arabian Oil Company
    THE SAVOLA GROUP: A DIFFERENT KIND OF A SAUDI ARABIAN OIL COMPANY A CORPORATE GOVERNANCE CASE STUDY DEVELOPED FOR THE SAAFAH TRANSPARENCY AWARD 2016 GOVERN, The Economic and Corporate Governance Center October 2016 Copyright GOVERN. All rights reserved. 1 TABLE OF CONTENTS Company history ....................................................................................................................... 3 Corporate origins .................................................................................................................... 3 Novel approach ....................................................................................................................... 3 Expansion ambitions ............................................................................................................... 4 Divestment and consolidation ................................................................................................. 5 Organisation and ownership .................................................................................................... 6 Current corporate structure ..................................................................................................... 6 Ownership structure ................................................................................................................ 6 Market performance ................................................................................................................ 7 Corporate governance .............................................................................................................
    [Show full text]
  • HOUSE of REPRESENTATIVES—Monday, March 9, 2009
    March 9, 2009 CONGRESSIONAL RECORD—HOUSE, Vol. 155, Pt. 5 6661 HOUSE OF REPRESENTATIVES—Monday, March 9, 2009 The House met at 12:30 p.m. and was shovel-ready that actually put more in annual Federal and State tax rev- called to order by the Speaker pro tem- people to work per million dollars than enue and producing over $53 billion in pore (Ms. EDWARDS of Maryland). highway construction. annual retail sales and services. These f Bike partisanship is alive and well on are activities that help revitalize the Capitol Hill, with over 200 members in economy exactly at the time we need DESIGNATION OF SPEAKER PRO the Bike Caucus. There is a reason why them. Even those ever-present bicycle TEMPORE people are focusing on cycling activi- rides that are mushrooming around the The SPEAKER pro tempore laid be- ties. Since 1980, the number of miles country support in excess of $100 mil- fore the House the following commu- Americans drive has increased three lion a year in critical medical research. nication from the Speaker: times faster than the population, and It is time for us to focus on what we WASHINGTON, DC, almost twice as fast as vehicle reg- in Congress can do to be more bike par- March 9, 2009. istrations. We have reached a point tisan. We urge you to join in wel- I hereby appoint the Honorable DONNA F. where our roadways simply demand re- coming the cyclists to Capitol Hill and EDWARDS to act as Speaker pro tempore on lief. become a member of the Congressional this day.
    [Show full text]
  • Increased by 11.2% Savola Group Achieves SAR 471 Million Net
    News Savola Quarterly Newsletter 1st Quarter 2015 www.savola.com Issued by the Savola Group to enhance corporate communication with its Shareholders, Investors and all Stakeholders through furnishing them with its latest developments and performance progress on quarterly basis. Increased by 11.2% Savola Group Achieves SAR 471 Million Net Profits for Q1-2015 Savola Distributes SAR 267 Million Dividends for its Shareholders The Group Forecasts Net Profit of SAR 429 Million for Q2-2015 Savola Group achieves SAR 471 million net profits for Q1-2015, with an in- Net Income for the 1st quarter 2015 compared with the same quarter last years (in Million Riyals) crease of 11.2%. 500 Savola distributes SAR 267 million dividends for its shareholders. 400 471 The Group forecasts net profit of SAR 429 million for Q2-2015. 423 Panda handed over revenues of «Leave the Change for them» to Disabled 300 Children’s Association amounted to more than SAR 4.7 million for 2014. 295 200 Savola achieves capital gain of SAR 265 million after selling its entire stake in 242 plastic sector. 100 165 “Al Arabi” continues its successful marketing campaigns. 0 Panda and NWC Begin Water Rationalization Campaign. 1st Q 1st Q 1st Q 1st Q 1st Q 2011 2012 2013 2014 2015 HyperPanda donates AED 600,000 to Down Syndrome Association. Net Revenues for the 1st quarter 2015 compared The General Assembly Meeting of Savola Shareholders (AGM) approves by with the same quarter last years (in Million Riyals) majority vote the resolution of dividends distribution and Group’s performance 8000 for year 2014 and all other items in the agenda.
    [Show full text]
  • HERFY FOOD SERVICE CO. the Ordinary General Assembly
    HERFY FOOD SERVICE CO. The Ordinary General Assembly Meeting Date: 25 April 2021 شركة هرفي للخدمات الغذائية )شركة مساهمة ( HERFY FOOD SERVICES CO. ( C.J.S. ) The agenda of the Ordinary General Assembly for Herfy Food Services Company (first meeting) 25/04/2021 1. Voting on the Auditor's report for the fiscal year ended on 31/12/2020G. 2. Voting on the company's financial statements for the fiscal year ended on 31/12/2020 G. 3. Voting on the Board of Directors' report for the fiscal year ended on 31/12/2020G. 4. Voting on the appointment and determining fees of the external auditor for the Company from among nominees, on the recommendation of the Audit Committee to examine, review and audit the Company’s financial statements for the second, third and annual of fiscal year 2021G and first quarter of fiscal year 2022. 5. Voting on the Board of Directors recommendation to distribute cash dividends for the year 2020 total amount 64.680 million riyals at the rate of 1 riyal per share, which represents 10% of the per value of the share with a total Shareholders of 64.680 million shareholders, provided the eligibility for dividend will be to Shareholders who own the shares on the day of Company’s general assembly and registered in the company’s shareholders register at Securities Depository Center by the end of the second trading day following the day of general assembly date of dividend distribution will be announced later (attached). 6. Voting on discharging the members of the Board of Directors from liability for the fiscal year ended on 31/12/2020G.
    [Show full text]
  • Alert Response Teams Limit Impact of Saturday Soaker
    SUNDAY OCTOBER 28, 2018 SAFAR 19, 1440 VOL.12 NO. 4436 QR 2 HEAVY RAIN Fajr: 4:21 am Dhuhr: 11:19 am HIGH : 32°C Asr: 2:33 pm Maghrib: 4:57 pm LOW : 27°C Isha: 6:27 pm America 11 Business 12 Sports 19 11 dead, many wounded in Qafco, Agrico, Yara sign deal to test Yow stuns home favourite Pittsburgh synagogue shooting greenhouse technologies in Qatar Tamimi in Qatar Classic Ooredoo tv Business for FREE Qatar’s Sept trade Alert response teams limit surplus rises 25% to QR15.5 billion impact of Saturday soaker QNA DOHA ThunderstomrsNon-oil exports Heavy rain’s impact limited to brief traffic snarls and puddles; rainwater drained out in swift action QATAR’S trade surplus today:up 36.5% QMD jumped by a quarter to 15.5 billion in September from a Qatar’s non-oil exports year-ago period, Ministry of increased 36.5 percent Development Planning and to QR18.032 billion in Statistics (MDPS) said in a the first nine months of report on Saturday. 2018 when compared In September, Qatar’s with QR13.02 billion exports touched QR6.8 bil- recorded in the same lion, an increase of 30.2 per- period of last year, Qatar cent from the same month Chamber has said in its last year and a jump of 1.5 latest report. Non-oil percent when compared with August this year. exports in September On the other hand, 2018 reached QR1.642 its imports in September billion, a 4.6 percent reached QR11.4 billion, an increase compared to increase of 37 percent com- the QR1.570 billion pared to the same month reported in the same last year and a 27.7 percent- month of 2017, the jump when compared with report said.
    [Show full text]
  • Annual Report Contents Contents
    ANNUAL REPORT CONTENTS CONTENTS CORPORATE OVERVIEW 06 Chairman’s and CEO’s Statement 10 About L’azurde 12 Key Milestones 14 Profile of the Board 20 Profile of Executive Management STRATEGIC BUSINESS REVIEW 26 L’azurde’s Principal Business Activities 28 Business Description 32 Business Model 50 L’azurde’s Ownership Structure FINANCIAL PERFORMANCE 62 Dividend Policy 66 Risk Factors 72 Key Financial Highlights CORPORATE GOVERNANCE 86 Board Formation 102 Policies and Code of Governance 118 Communication with Shareholders 124 Audit Committee Report CONSOLIDATED FINANCIAL STATEMENTS 128 Consolidated Financial Statements 2 3 CORPORATE 01 OVERVIEW 01 | CORPORATE OVERVIEW CHAIRMAN AND CEO’S STATEMENT CHAIRMAN'S AND CEO'S STATEMENT All the above-mentioned factors have contributed to reducing Looking back at the past year, 2019 was marked with major the Company’s net profit. In addition, L’azurde adopted the new actions and initiatives taken by L’azurde in both markets in Saudi accounting standard for Leases (IFRS 16) that took effect from Arabia and Egypt, putting the Group in a stronger position to January 1, 2019 and resulted in an increase of SAR 4.5 million deliver its longer-term growth ambitions. in finance costs. Egypt subsidiaries’ corporate tax expenses increased as well in 2019, due to the expiration of tax holiday. From the rise in total retail channel revenues, up to the addition Before exceptional items and sales returns, the net income was of TOUS with 26 stores in KSA, and the promising launch of equal to SAR 23.0 million. the new Miss L’ fashion jewelry line, L’azurde finds itself well- equipped for the future.
    [Show full text]