Lazurde turns to profit of SAR 22 mln in 2021; Q4 losses at SAR 4 mln

17/03/2022 Argaam Exclusive

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Lazurde Company for Jewelry reported a net profit after Zakat and tax of SAR 22 million for 2021, against a loss of SAR 120.2 million in the year-earlier period.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,278.44	1,971.48	54.2 %
Gross Income	182.98	307.75	68.2 %
Operating Income	(23.91)	81.46	440.7 %
Net Income	(120.49)	22.04	118.3 %
Average Shares	50.51	57.50	13.8 %
EPS (Riyals)	(2.39)	0.38	116.1 %

The profit was attributed to higher operational revenue and positive cash inflow from operations as a result of the company’s transformation initiatives.

In Q4 2021, the company narrowed its net losses after Zakat and tax to SAR 4 million from SAR 33.9 million a year earlier.

Sequentially, Lazurde turned to a loss from a profit of SAR 7.9 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	291.69	418.08	43.3 %
Gross Income	43.37	67.80	56.3 %
Operating Income	(20.07)	9.41	146.9 %
Net Income	(33.89)	(3.98)	88.3 %
Average Shares	50.51	57.50	13.8 %
EPS (Riyals)	(0.67)	(0.07)	89.7 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	526.61	418.08	(20.6 %)
Gross Income	79.87	67.80	(15.1 %)
Operating Income	23.99	9.41	(60.8 %)
Net Income	7.85	(3.98)	(150.7 %)
Average Shares	57.50	57.50	-
EPS (Riyals)	0.14	(0.07)	(150.7 %)

Total shareholders’ equity, after minority interest, grew by 52.8% to SAR 454.2 million as of Dec. 31, 2021, from SAR 297.3 million a year earlier, due to the company’s capital increase after the rights issue was completed in June 2021 and this year’s profitability.

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