Lazurde 2024 profit slumps 62% to SAR 11.7M; loss of SAR 13.1M in Q4

Lazurde Company for Jewelry posted a 62% dip in its 2024 net profit to SAR 11.7 million from SAR 30.8 million a year earlier.

The annual net profit was hurt by a 1.7% decline year-on-year (YoY) in the group’s gross operating profit to SAR 283.8 million.

The group’s operating profit dropped 20.2% YoY to SAR 64.1 million. Lazurde also incurred non-recurring expenses of SAR 10.2 million.

On the other hand, the group’s revenue, including gold, jumped 13.3% YoY to SAR 2.10 billion. Operating revenue, which better represents the group’s topline excluding gold, edged up 0.4% YoY to SAR 462.2 million.

Revenue from retail sales in Saudi Arabia grew 18.2% YoY on growth in sales from the current showrooms and the opening of eight new stores in prime locations.

Meanwhile, Lazurde maintained its solid performance in Egypt, as the wholesale operating revenue leapt by 43.4% and 3.9% YoY in EGP and SAR terms, respectively.

In Q4 2024, net losses widened by 3.9% to SAR 13.1 million from SAR 12.6 million in Q4 2023.

On a quarterly basis, net losses increased by 82.5% from SAR 7.1 million in Q3 2024.

Total shareholders’ equity, no minority interest, reached SAR 279.3 million as of Dec. 31, 2024, down from SAR 360.5 million a year earlier.

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