Lazurde H1 2024 profit drops 69% to SAR 32M; Q2 at SAR 4M

Lazurde Company for Jewelry reported a drop of 69% in H1 2024 net profit to SAR 32 million from SAR 19 million a year ago.

The group's total revenues, including gold metal value, reached SAR 1.07 billion in the first six months of 2024, an increase of 9.9% year-on-year.

Operating revenues, which represent revenues of the group after excluding gold metal value, increased 5.2% YoY to SAR 254.0 million in H1 2024.

In Saudi Arabia, retail operating revenues were 20.8% YoY due to growth in like-for-like sales of the existing stores and extension of the store network by opening seven new stores in top locations.

In Egypt, wholesale operating revenues increased by 45.5% YoY in EGP terms when compared to the same period of last year due to strong sales of Lazurde gold in traditional gold markets and increased by 8.6% YoY after translation to SAR due to the devaluation of EGP.

The second-quarter net profit dropped 44% to SAR 4 million from SAR 7.20 million in Q2 2023, as the group's total revenues, including gold metal value, amounted to SAR 525.6 million, an increase of 10% YoY.

The company's Q2 net earnings dropped 85.7% from SAR 27.98 million in Q1 2024.

Shareholders’ equity, no minority interest, contracted to SAR 310.4 million as of June 30, 2024, from SAR 368.5 million a year earlier.

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