Lazurde Company for Jewelry widened net loss after Zakat and tax to SAR 120.5 million in 2020, from a net loss after Zakat and Tax of SAR 17.5 million in 2019.
The company attributed the increase in losses to lower revenues impacted by complete and partial closure of gold markets and malls due to COVID-19, in addition to the tripling of value-added tax (VAT) to 15% in Saudi Arabia from July 2020 and a sharp increase in gold price.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 1,976.41 | 1,278.44 | (35.3 %) |
| Gross Income | 287.81 | 182.98 | (36.4 %) |
| Operating Income | 64.50 | (23.91) | (137.1 %) |
| Net Income | (17.55) | (120.49) | (586.6 %) |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | (0.35) | (2.39) | (586.6 %) |
However, the company narrowed net loss after Zakat and tax to SAR 33.9 million in Q4 2020, from SAR 41.9 million in the year-earlier period.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 282.89 | 291.69 | 3.1 % |
| Gross Income | 45.48 | 43.37 | (4.6 %) |
| Operating Income | (7.12) | (20.07) | (181.8 %) |
| Net Income | (41.90) | (33.89) | 19.1 % |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | (0.83) | (0.67) | 19.1 % |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 370.84 | 291.69 | (21.3 %) |
| Gross Income | 47.93 | 43.37 | (9.5 %) |
| Operating Income | (0.11) | (20.07) | (18,311.9 %) |
| Net Income | (18.82) | (33.89) | (80.1 %) |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | (0.37) | (0.67) | (80.1 %) |
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