Lazurde H1 2022 profit rises 22% to SAR 22.2 mln; Q2 up 6% to SAR 8.5 mln

15/08/2022 Argaam Exclusive

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Lazurde Company for Jewelry reported a net profit after Zakat and tax of SAR 22.2 million in H1 2022, up 22% compared to SAR 18.2 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	1,026.80	1,038.57	1.1 %
Gross Income	160.07	172.87	8.0 %
Operating Income	48.05	44.97	(6.4 %)
Net Income	18.17	22.22	22.3 %
Average Shares	57.50	57.50	-
EPS (Riyals)	0.32	0.39	22.3 %

The profit increase was driven by total revenue that grew by 1.1% year-on-year (YoY), while operating revenue rose 3.3% YoY.

The jewelry firm’s Q2 2022 net profit after Zakat and tax reached SAR 8.5 million, a rise of 6% compared to SAR 8 million in Q2 2021, due to higher operating revenue. Meanwhile, total group revenue fell 3.6% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	475.40	424.05	(10.8 %)
Gross Income	75.48	73.70	(2.4 %)
Operating Income	20.17	14.91	(26.1 %)
Net Income	8.00	8.51	6.3 %
Average Shares	57.50	57.50	-
EPS (Riyals)	0.14	0.15	6.3 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	614.52	424.05	(31.0 %)
Gross Income	99.17	73.70	(25.7 %)
Operating Income	30.06	14.91	(50.4 %)
Net Income	13.71	8.51	(38.0 %)
Average Shares	57.50	57.50	-
EPS (Riyals)	0.24	0.15	(38.0 %)

On a sequential basis, Q2 net profit declined 38% from SAR 13.7 million.

Total shareholders’ equity, after minority interest, reached SAR 426.7 million as of June 30, 2022, falling 5.9% compared with SAR 453.2 million a year earlier.

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