Financial Results : Lazurde turns to loss of SAR 1.6 mln in Q1 2020

Lazurde turns to loss of SAR 1.6 mln in Q1 2020

21/06/2020 Argaam Exclusive

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Lazurde Company for Jewelry (Lazurde) reported a net loss after Zakat and tax of SAR 1.6 million for the first quarter of 2020, compared to a net profit of SAR 12 million in the same period last year.

 

The net loss was attributed to a 5.9% decline in revenues, as wholesale revenues in Saudi Arabia fell 45.7% due to the impact of COVID-19 measures. However, retail revenues in Egypt rose by 9.7%.

 

The company also reported an 11.3% decline in operating expenses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 673.53 444.99 (33.9 %)
Gross Income 95.97 70.57 (26.5 %)
Operating Income 30.39 12.42 (59.1 %)
Net Income 11.96 (1.61) (113.5 %)
Average Shares 50.51 50.51 -
EPS (Riyals) 0.24 (0.03) (113.5 %)

When compared to Q4 2019, net loss after Zakat and tax narrowed by 96%, driven by a 32.9% rise in operating revenues.

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