Lazurde net profit declines 10% to SAR 30.8M in 2023; Q4 loss at SAR 12.7M

28/03/2024 Argaam Exclusive

Lazurde Company for Jewelry reported a net profit of SAR 30.8 million for 2023, a slump of 10% from SAR 34.2 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,999.63 1,916.96 (4.1 %)
Gross Income 327.04 299.91 (8.3 %)
Operating Income 85.61 83.12 (2.9 %)
Net Income 34.16 30.83 (9.7 %)
Average Shares 57.50 57.50 -
EPS (Riyals) 0.59 0.54 (9.7 %)

This was attributed to a decline of 4.1% in revenues, including gold, to SAR 1.9 billion in 2023, compared to SAR 1.99 billion in the year before.

 

The group’s operating revenue amounted to SAR 471.6 million in 2023, down 9.1% from SAR 518.7 million a year ago. This was mainly due to the realization of the Egyptian division’s revenues at a low exchange rate.

 

Q4 2023 loss reached SAR 12.7 million, versus a net profit of SAR 2.75 million in the prior-year period.

 

On a quarterly basis, the company turned to losses from net earnings of SAR 24.58 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 387.12 364.96 (5.7 %)
Gross Income 68.98 66.32 (3.9 %)
Operating Income 14.13 12.76 (9.7 %)
Net Income 2.75 (12.63) (560.0 %)
Average Shares 57.50 57.50 -
EPS (Riyals) 0.05 (0.22) (560.0 %)

Total shareholders’ equity, no minority interest, grew to SAR 360.5 million by Dec. 31, 2023, compared to SAR 389.5 million a year ago.

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Share Price

Lazurde Company for Jewelry
13.56
(0.16) (1.17 %)

Lazurde Company for Jewelry (LAZURDE)

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Financial Ratios
Current
Market Cap (M Riyal) 779.70
Enterprise Value (EV) (M) 2,036.05
Shares Outstanding ((M)) 57.50
EPS ( Riyal) (TTM) 0.76
Book Value (BV) ( Riyal) 5.40
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.03
P/E (TTM) 17.74
Price/book 2.51
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 12.9
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