Lazurde net profit declines 10% to SAR 30.8M in 2023; Q4 loss at SAR 12.7M

28/03/2024 Argaam Exclusive

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Lazurde Company for Jewelry reported a net profit of SAR 30.8 million for 2023, a slump of 10% from SAR 34.2 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,999.63	1,916.96	(4.1 %)
Gross Income	327.04	299.91	(8.3 %)
Operating Income	85.61	83.12	(2.9 %)
Net Income	34.16	30.83	(9.7 %)
Average Shares	57.50	57.50	-
EPS (Riyals)	0.59	0.54	(9.7 %)

This was attributed to a decline of 4.1% in revenues, including gold, to SAR 1.9 billion in 2023, compared to SAR 1.99 billion in the year before.

The group’s operating revenue amounted to SAR 471.6 million in 2023, down 9.1% from SAR 518.7 million a year ago. This was mainly due to the realization of the Egyptian division’s revenues at a low exchange rate.

Q4 2023 loss reached SAR 12.7 million, versus a net profit of SAR 2.75 million in the prior-year period.

On a quarterly basis, the company turned to losses from net earnings of SAR 24.58 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	387.12	364.96	(5.7 %)
Gross Income	68.98	66.32	(3.9 %)
Operating Income	14.13	12.76	(9.7 %)
Net Income	2.75	(12.63)	(560.0 %)
Average Shares	57.50	57.50	-
EPS (Riyals)	0.05	(0.22)	(560.0 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	577.00	364.96	(36.7 %)
Gross Income	82.82	66.32	(19.9 %)
Operating Income	25.71	12.76	(50.4 %)
Net Income	24.58	(12.63)	(151.4 %)
Average Shares	57.50	57.50	-
EPS (Riyals)	0.43	(0.22)	(151.4 %)

Total shareholders’ equity, no minority interest, grew to SAR 360.5 million by Dec. 31, 2023, compared to SAR 389.5 million a year ago.

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