Lazurde Company for Jewelry posted a 15% fall in net profit to SAR 11.6 million for Q1 2023, from SAR 13.71 million in the year-earlier period as revenue, including gold value, decreased by 19.2% year-on-year (YoY) to SAR 496.3 million.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 614.52 | 496.33 | (19.2 %) |
| Gross Income | 99.17 | 79.13 | (20.2 %) |
| Operating Income | 30.06 | 25.12 | (16.4 %) |
| Net Income | 13.71 | 11.60 | (15.4 %) |
| Average Shares | 57.50 | 57.50 | - |
| EPS (Riyals) | 0.24 | 0.20 | (15.4 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 387.12 | 496.33 | 28.2 % |
| Gross Income | 68.98 | 79.13 | 14.7 % |
| Operating Income | 14.13 | 25.12 | 77.8 % |
| Net Income | 2.75 | 11.60 | 322.6 % |
| Average Shares | 57.50 | 57.50 | - |
| EPS (Riyals) | 0.05 | 0.20 | 322.6 % |
Operating revenue, excluding gold value, decreased by 16.9% YoY to SAR 126.1 million. Gross profit dived 20.3% YoY to SAR 79.1 million. Operating profit also went 16.6% lower YoY to SAR 25.1 million.
On a sequential basis, profit more than quadrupled from SAR 2.75 million in Q4 2022, thanks to a 28.2% YoY leap in revenue to SAR 496.3 million. Operating revenue jumped 11.1% YoY to SAR 126.1 million.
Shareholders’ equity, no minority interest, declined to SAR 378.8 million by March 31, 2023, from SAR 437.5 million in the year-earlier period.
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