Lazurde Company for Jewelry posted a net profit of SAR 28 million in Q1 2024, more than a two-fold increase from SAR 11.6 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 496.33 | 545.53 | 9.9 % |
| Gross Income | 79.13 | 93.68 | 18.4 % |
| Operating Income | 25.12 | 32.07 | 27.7 % |
| Net Income | 11.65 | 27.98 | 140.2 % |
| Average Shares | 57.50 | 57.50 | - |
| EPS (Riyals) | 0.20 | 0.49 | 140.2 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 364.96 | 545.53 | 49.5 % |
| Gross Income | 66.32 | 93.68 | 41.3 % |
| Operating Income | 12.76 | 32.07 | 151.3 % |
| Net Income | (12.63) | 27.98 | 321.6 % |
| Average Shares | 57.50 | 57.50 | - |
| EPS (Riyals) | (0.22) | 0.49 | 321.6 % |
Total revenues, including gold metal value, reached SAR 545.5 million, an increase of 10% year-on-year (YoY).
Operating revenues, which better represent the group's revenues after excluding gold metal value, rose 15.4% YoY to SAR 145.5 million.
In Saudi Arabia, wholesale operating revenues were 1.0% higher YoY due to strong sales of L’azurde gold in traditional gold souks. Retail operating revenues were 30.4% higher YoY on growth in like-for-like sales of the existing stores and extension of the stores network by opening seven new stores in top locations.
In Egypt, wholesale operating revenues grew by 14% YoY, driven by strong sales of L’azurde gold in traditional gold souks. Retail operating revenues rose by 22%, supported by growth in like-for-like sales of the existing stores and extension of the stores network by opening new stores in top locations.
On a sequential basis, the company turned profitable from a loss of SAR 12.63 million.
Shareholders’ equity, no minority interest, declined to SAR 320.6 million by March 31, 2024, from SAR 378.8 million in the year-earlier period.
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