Lazurde Company for Jewelry swung to a net profit after Zakat and tax of SAR 18.2 million in H1 2021, against a net loss of SAR 67.8 million in the year-ago period.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 615.91 | 1,026.80 | 66.7 % |
| Gross Income | 91.68 | 160.07 | 74.6 % |
| Operating Income | (3.73) | 48.05 | 1387.5 % |
| Net Income | (67.78) | 18.17 | 126.8 % |
| Average Shares | 50.51 | 57.50 | 13.8 % |
| EPS (Riyals) | (1.34) | 0.32 | 123.5 % |
The profit was attributed to a 66.7% year-on-year (YoY) increase in total revenue, while operating revenue rose 59.4% YoY.
In Saudi Arabia, retail revenue increased by 38.2% YoY as the company launched Miss L’ and Lazurde InStyle brands, along with launch of new outlets amid easing of COVID-19 precautionary measures. Meanwhile, retail operating revenue in Egypt jumped 77.9% YoY.
The company also launched its e-commerce business in March 2020, which delivered SAR 11.3 million revenues in H1 2021 – which accounts for 4.3% of group operating revenue and 10.3% of retail revenue.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 170.92 | 475.40 | 178.1 % |
| Gross Income | 21.11 | 75.48 | 257.6 % |
| Operating Income | (16.15) | 20.17 | 224.9 % |
| Net Income | (66.17) | 8.00 | 112.1 % |
| Average Shares | 50.51 | 57.50 | 13.8 % |
| EPS (Riyals) | (1.31) | 0.14 | 110.6 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 551.40 | 475.40 | (13.8 %) |
| Gross Income | 84.59 | 75.48 | (10.8 %) |
| Operating Income | 27.88 | 20.17 | (27.7 %) |
| Net Income | 10.17 | 8.00 | (21.3 %) |
| Average Shares | 50.51 | 57.50 | 13.8 % |
| EPS (Riyals) | 0.20 | 0.14 | (30.9 %) |
The jewelry firm swung to net profit after Zakat and tax of SAR 8 million in Q2 2021, versus a loss of SAR 66.2 million in Q2 2020, due to higher operating revenue and total group revenue.
On a sequential basis, Q2 net profit declined 21.6% from SAR 10.2 million.
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