L’azurde, a top gold jewellery manufacturer and a portfolio company of Bahrain-based alternative investments specialist Investcorp, has distributed $16.7 million in dividends to its shareholders following a strong performance in 2014.

The Investcorp Gulf Opportunity Fund acquired a majority stake in L’azurde in 2009 alongside Eastgate Capital and The National Investor, its consortium partners.

After the gold price shock in 2010, a new strategy for the business was developed with the objectives to strengthen its operations and ensure it was positioned to maximise its growth potential, while being insulated from difficult market conditions and gold price volatility, a statement said.

Since that time, L’azurde has been steadily increasing its earnings, achieving double digit year-on-year growth, according to the statement.

Mohammed Al-Shroogi, Investcorp, president of Gulf Business, said: “Our clear performance improvement strategy for L’azurde has reorganised and repositioned the company. We have enhanced its market positioning, increased its competitiveness and strengthened its balance sheet.”

“This strategy has improved L’azurde’s financial performance steadily over each of the last five years. Today the company is highly profitable and this has allowed the Board to declare and distribute a dividend to shareholders of $16.7 million for 2014.”

Selim Chidiac, chief executive officer of L'azurde, said: “L’azurde has made very good progress in recent years underpinned by increased gold sales which have risen to 17.5 tonnes in 2014 from 12.9 tonnes in 2011. With strong product lines, improved market share, wider distribution networks and strong marketing presence, the Company is very well-positioned for the future. We have excellent business momentum and a strong team and remain confident that we can continue to build on our solid growth trajectory.”

Founded in 1982, L’azurde has become the largest gold and jewellery designer, manufacturer, and distributor in the Middle East, with facilities in Cairo and Riyadh, employing over 2,300 people. Its sales network comprises 2,000 wholesale accounts across the Middle East. It also has 15 retail stores across the region.  – TradeArabia News Service