Lazurde profit up 56% to SAR 34.2 mln in 2022; Q4 at SAR 2.8 mln

Lazurde Company for Jewelry reported a 56% profit leap to SAR 34.2 million in 2022, from SAR 22 million a year earlier.

The higher profit was attributed to total revenues, including gold value, which grew by 1.4% year-on-year (YoY) to SAR 1.99 billion in 2022. The group does not make profits or losses from sales of gold as a metal.

The group’s operating revenues, excluding gold value, amounted to SAR 518.7 million for 2022, an increase of 2.7% YoY.

In Saudi Arabia, the wholesale operating revenues were 10.4% higher YoY due to strong sales of Lazurde gold in traditional gold souks.

In Egypt, the wholesale operating revenues grew by 18.6% YoY in Egyptian pound terms, or 1% after translation to Saudi riyal, compared to 2021.

The group’s e-commerce business delivered SAR 33.3 million revenues for 2022, a rise of 37% YoY.

Gross profit rose 6.3% YoY to SAR 327.0 million for 2022. The group’s operating profit grew 5% YoY to SAR 85.6 million in the same period, while finance costs increased by 2.4% YoY to SAR 32.0 million.

In Q4 2022, Lazurde turned to a net profit of SAR 2.78 million, against a net loss of SAR 3.98 million in Q4 2021.

The fourth-quarter net profit dipped 69.7% from SAR 9.20 million in Q3 2022.

Shareholders’ equity, after minority interest, dropped to SAR 389.4 million as of Dec. 31, 2022, from SAR 454.2 million a year earlier.

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