L’Azurde For Jewelry Co. (L’Azurde) on Monday said its new production unit in Egypt is complete and will start full operations by the end of this month.
The Egypt unit cost SAR 12.6 million and was funded through the company’s own resources generated from operations, the jewelry manufacturer said in a statement to Tadawul.
“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 statement said.
The financial impact will reflect on Q2 this year, the firm said.
The new production unit is part of the company’s expansion plans announced in 2016.