Lazurde H1 2023 profit drops 15% to SAR 18.9 mln; Q2 at SAR 7.2 mln

Lazurde Company for Jewelry reported a drop of 15% in H1 2023 net profit to SAR 18.9 million from SAR 22.2 million a year ago.

Lazurde’s revenues, including gold value, declined by 6.2% year-on-year (YoY) to SAR 974.2 million. The group does not make profits/losses from the value of the gold sold.

The group’s operating revenues, which better represent revenues of the group after excluding gold value, amounted to SAR 241.4 million in H1 2023, a drop of 10.2% YoY.

The gross profit came in at SAR 149.9 million in H1 2023, dropping 13.3% YoY due to lower operating revenues because of the Egyptian pound devaluation. Operating profit also decreased by 2.7% YoY to SAR 43.8 million.

The second-quarter net profit dropped 15.4% to SAR 7.20 million from SAR 8.51 million in Q2 2022.

The group’s operating revenues shed 1.5% YoY to SAR 115.3 million in Q2 2023.

The wholesale operating revenues in Saudi Arabia dropped 8.1% YoY despite a 10.3% rise in retail business revenues. The group’s gross profit declined 3.9% YoY to SAR 70.8 million in Q2 2023.

The Q2 earnings fell on a quarterly basis by 38.2% from SAR 11.65 million. The group’s total revenues, including gold value, declined by 3.8% sequentially to SAR 477.8 million.

Operating revenues went lower by 8.7% on a quarterly basis to SAR 477.80 million in Q2 2023.

Shareholders’ equity, no minority interest, contracted to SAR 368.5 million as of June 30, 2023, from SAR 426.7 million a year earlier.

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