Lazurde Company for Jewelry reported a 56% profit leap to SAR 34.2 million in 2022, from SAR 22 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 1,971.48 | 1,999.63 | 1.4 % |
| Gross Income | 307.75 | 327.04 | 6.3 % |
| Operating Income | 81.46 | 85.61 | 5.1 % |
| Net Income | 22.04 | 34.16 | 55.0 % |
| Average Shares | 57.50 | 57.50 | - |
| EPS (Riyals) | 0.38 | 0.59 | 55.0 % |
The higher profit was attributed to total revenues, including gold value, which grew by 1.4% year-on-year (YoY) to SAR 1.99 billion in 2022. The group does not make profits or losses from sales of gold as a metal.
The group’s operating revenues, excluding gold value, amounted to SAR 518.7 million for 2022, an increase of 2.7% YoY.
In Saudi Arabia, the wholesale operating revenues were 10.4% higher YoY due to strong sales of Lazurde gold in traditional gold souks.
In Egypt, the wholesale operating revenues grew by 18.6% YoY in Egyptian pound terms, or 1% after translation to Saudi riyal, compared to 2021.
The group’s e-commerce business delivered SAR 33.3 million revenues for 2022, a rise of 37% YoY.
Gross profit rose 6.3% YoY to SAR 327.0 million for 2022. The group’s operating profit grew 5% YoY to SAR 85.6 million in the same period, while finance costs increased by 2.4% YoY to SAR 32.0 million.
In Q4 2022, Lazurde turned to a net profit of SAR 2.78 million, against a net loss of SAR 3.98 million in Q4 2021.
The fourth-quarter net profit dipped 69.7% from SAR 9.20 million in Q3 2022.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 418.08 | 387.12 | (7.4 %) |
| Gross Income | 67.80 | 68.98 | 1.7 % |
| Operating Income | 9.41 | 14.13 | 50.1 % |
| Net Income | (3.98) | 2.75 | 169.1 % |
| Average Shares | 57.50 | 57.50 | - |
| EPS (Riyals) | (0.07) | 0.05 | 169.1 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 573.94 | 387.12 | (32.6 %) |
| Gross Income | 85.20 | 68.98 | (19.0 %) |
| Operating Income | 26.50 | 14.13 | (46.7 %) |
| Net Income | 9.20 | 2.75 | (70.2 %) |
| Average Shares | 57.50 | 57.50 | - |
| EPS (Riyals) | 0.16 | 0.05 | (70.2 %) |
Shareholders’ equity, after minority interest, dropped to SAR 389.4 million as of Dec. 31, 2022, from SAR 454.2 million a year earlier.
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