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

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 %

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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