Financial Results : Lazurde profit drops 15% to SAR 11.6 mln in Q1 2023

Lazurde profit drops 15% to SAR 11.6 mln in Q1 2023

18/05/2023 Argaam Exclusive

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Lazurde Company for Jewelry posted a 15% fall in net profit to SAR 11.6 million for Q1 2023, from SAR 13.71 million in the year-earlier period as revenue, including gold value, decreased by 19.2% year-on-year (YoY) to SAR 496.3 million.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 614.52 496.33 (19.2 %)
Gross Income 99.17 79.13 (20.2 %)
Operating Income 30.06 25.12 (16.4 %)
Net Income 13.71 11.65 (15.0 %)
Average Shares 57.50 57.50 -
EPS (Riyals) 0.24 0.20 (15.0 %)

Operating revenue, excluding gold value, decreased by 16.9% YoY to SAR 126.1 million. Gross profit dived 20.3% YoY to SAR 79.1 million. Operating profit also went 16.6% lower YoY to SAR 25.1 million.

 

On a sequential basis, profit more than quadrupled from SAR 2.75 million in Q4 2022, thanks to a 28.2% YoY leap in revenue to SAR 496.3 million. Operating revenue jumped 11.1% YoY to SAR 126.1 million.

 

Shareholders’ equity, no minority interest, declined to SAR 378.8 million by March 31, 2023, from SAR 437.5 million in the year-earlier period.

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