Financial Results : Lazurde’s net profit rises 34% to SAR 13.7 mln in Q1 2022

Lazurde’s net profit rises 34% to SAR 13.7 mln in Q1 2022

22/05/2022 Argaam Exclusive

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Lazurde Company for Jewelry reported a net profit after Zakat and tax of SAR 13.7 million in Q1 2022, an increase of 34%, compared to SAR 10.2 million in the year-earlier period.  



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 551.40 614.52 11.4 %
Gross Income 84.59 99.17 17.2 %
Operating Income 27.88 30.06 7.8 %
Net Income 10.17 13.71 34.8 %
Average Shares 50.51 57.50 13.8 %
EPS (Riyals) 0.20 0.24 18.4 %

This profit rise was buoyed by the company’s transformation initiatives. In Q1 2022, operating revenue rose by 9.3% year-on-year (YoY) and the company generated positive cash inflows from operations at SAR 17.3 million.

 

Lazurde also cited an increase of 11.4% in total revenue, and 18% growth in Egypt’s wholesale operating revenues.

 

In Egypt, demand for L’azurde gold jewelry continued to remain strong, whereas retail operating revenue increased by 11.3% YoY.

 

The group e-commerce business delivered SAR 7.4 million revenue in the first quarter of 2022. In addition, Miss L’ and L’azurde Instyle brands, which were launched in 2019 and 2020 respectively, performed very well and collectively contributed SAR 29.7 million revenue in Q1 2022.

 

On a sequential basis, Lazurde turned to profit, versus net loss of SAR 4 million in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, jumped 41.9% year-on-year (YoY) to SAR 437.5 million in Q1 2022.

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