Lazurde widens losses to SAR 120.5 million in 2020

31/03/2021 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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