Lazurde profit soars to SAR 28M in Q1 2024

Lazurde Company for Jewelry posted a net profit of SAR 28 million in Q1 2024, more than a two-fold increase from SAR 11.6 million in the year-earlier period.

Total revenues, including gold metal value, reached SAR 545.5 million, an increase of 10% year-on-year (YoY).

Operating revenues, which better represent the group's revenues after excluding gold metal value, rose 15.4% YoY to SAR 145.5 million.

In Saudi Arabia, wholesale operating revenues were 1.0% higher YoY due to strong sales of L’azurde gold in traditional gold souks. Retail operating revenues were 30.4% higher YoY on growth in like-for-like sales of the existing stores and extension of the stores network by opening seven new stores in top locations.

In Egypt, wholesale operating revenues grew by 14% YoY, driven by strong sales of L’azurde gold in traditional gold souks. Retail operating revenues rose by 22%, supported by growth in like-for-like sales of the existing stores and extension of the stores network by opening new stores in top locations.

On a sequential basis, the company turned profitable from a loss of SAR 12.63 million.

Shareholders’ equity, no minority interest, declined to SAR 320.6 million by March 31, 2024, from SAR 378.8 million in the year-earlier period.

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