Lazurde turns to SAR 67.8 mln loss in H1 2020

20/08/2020 Argaam Exclusive

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Lazurde Company for Jewelry reported net loss after Zakat and tax of SAR 67.8 million for the first half of 2020, versus net profit of SAR 24.1 million in year-earlier period, driven by a slump of 33.4% in the group's total revenue.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	1,207.29	615.91	(49.0 %)
Gross Income	176.77	91.68	(48.1 %)
Operating Income	58.44	(3.73)	(106.4 %)
Net Income	24.12	(67.78)	(381.1 %)
Average Shares	50.51	50.51	-
EPS (Riyals)	0.48	(1.34)	(381.1 %)

Lazurde also cited 42.9% lower operating revenue, in addition to a 57.3% fall in wholesale revenue from KSA operations.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	533.76	170.92	(68.0 %)
Gross Income	80.79	21.11	(73.9 %)
Operating Income	28.05	(16.15)	(157.6 %)
Net Income	12.16	(66.17)	(644.4 %)
Average Shares	50.51	50.51	-
EPS (Riyals)	0.24	(1.31)	(644.4 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	444.99	170.92	(61.6 %)
Gross Income	70.57	21.11	(70.1 %)
Operating Income	12.42	(16.15)	(230.1 %)
Net Income	(1.61)	(66.17)	(4,005.0 %)
Average Shares	50.51	50.51	-
EPS (Riyals)	(0.03)	(1.31)	(4,005.0 %)

The jewelry maker reported net loss after Zakat and tax of SAR 66.2 million in Q2 2020, versus net profit of SAR 12.2 million in year-earlier period, due to a 68% drop in gross revenue and a 63.1% plunge in gross operating revenues.

On a quarter-on-quarter basis, the company widened losses, compared to SAR 1.6 million in Q1 2020.

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