Financial Results : Lazurde swings to SAR 18.2 mln profit in H1 2021

Lazurde swings to SAR 18.2 mln profit in H1 2021

08/08/2021 Argaam Exclusive

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Lazurde Company for Jewelry swung to a net profit after Zakat and tax of SAR 18.2 million in H1 2021, against a net loss of SAR 67.8 million in the year-ago period.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 615.91 1,026.80 66.7 %
Gross Income 91.68 160.07 74.6 %
Operating Income (3.73) 48.05 1387.5 %
Net Income (67.78) 18.17 126.8 %
Average Shares 50.51 57.50 13.8 %
EPS (Riyals) (1.34) 0.32 123.5 %

The profit was attributed to a 66.7% year-on-year (YoY) increase in total revenue, while operating revenue rose 59.4% YoY.

 

In Saudi Arabia, retail revenue increased by 38.2% YoY as the company launched Miss L’ and Lazurde InStyle brands, along with launch of new outlets amid easing of COVID-19 precautionary measures. Meanwhile, retail operating revenue in Egypt jumped 77.9% YoY.

 

The company also launched its e-commerce business in March 2020, which delivered SAR 11.3 million revenues in H1 2021 – which accounts for 4.3% of group operating revenue and 10.3% of retail revenue.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 170.92 475.40 178.1 %
Gross Income 21.11 75.48 257.6 %
Operating Income (16.15) 20.17 224.9 %
Net Income (66.17) 8.00 112.1 %
Average Shares 50.51 57.50 13.8 %
EPS (Riyals) (1.31) 0.14 110.6 %

The jewelry firm swung to net profit after Zakat and tax of SAR 8 million in Q2 2021, versus a loss of SAR 66.2 million in Q2 2020, due to higher operating revenue and total group revenue.

 

On a sequential basis, Q2 net profit declined 21.6% from SAR 10.2 million.

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