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L’Azurde’s net profit drops 26% in FY16
18/01/2017
Argaam Exclusive
L’Azurde Company for Jewelry reported a net profit of SAR 74.6 million for fiscal year 2016, a 26 percent year-on-year (YoY) drop on lower operating revenue and operating income.
The jeweler’s operating costs for the year also increased, along with higher selling and marketing expenses in Q4.
Financials (M)
| Item | 2015 | 2016 | Change |
|---|---|---|---|
| Revenues | 2,814.20 | 2,018.30 | (28.3 %) |
| Gross Income | 339.33 | 244.54 | (27.9 %) |
| Operating Income | 149.48 | 68.00 | (54.5 %) |
| Net Income | 100.57 | 71.95 | (28.5 %) |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | 1.99 | 1.42 | (28.5 %) |
Net profit for fourth quarter slumped 86 percent YoY to SAR 1.6 million also due to lower operating revenues.
Q4 profit more than tripled quarter-on-quarter, boosted by a “one-off foreign currency gain largely offset by lower sales to reduce inventory at the retailers and working capital,” L’Azurde said.
Current Quarter Comparison (M)
| Item | Q4 2015 | Q4 2016 | Change |
|---|---|---|---|
| Revenues | 440.85 | 176.24 | (60.0 %) |
| Gross Income | 55.87 | 12.84 | (77.0 %) |
| Operating Income | 28.25 | (29.76) | (205.4 %) |
| Net Income | 11.84 | (0.77) | (106.5 %) |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | 0.23 | (0.02) | (106.5 %) |
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Share Price
Lazurde Company for Jewelry (LAZURDE)
| Current | |
| Market Cap (M Riyal) | 770.50 |
| Enterprise Value (EV) (M) | 2,026.85 |
| Shares Outstanding ((M)) | 57.50 |
| EPS ( Riyal) (TTM) | 0.21 |
| Book Value (BV) ( Riyal) | 5.24 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | More than 100 |
| P/E (TTM) | More than 100 |
| Price/book | 2.56 |
| Return on Average Assets (%) (TTM) | 0.7 |
| Return on Average Equity (%) (TTM) | 3.6 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2016 | 883.55 | (5.8 %) | 117.33 | 4.9 % | 52.88 | 1.3 % |
| Q2 2016 | 552.19 | (27.8 %) | 40.49 | (53.9 %) | 5.11 | (85.6 %) |
| Q3 2016 | 406.33 | (39.5 %) | 73.89 | (11.9 %) | 39.77 | 18.9 % |
| Q4 2016 | 176.24 | (60.0 %) | 12.84 | (77.0 %) | (29.76) | (205.4 %) |
| 2016 | 2,018.30 | (28.3 %) | 244.54 | (27.9 %) | 68.00 | (54.5 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2016 | 51.01 | 23.7 % | 1.01 | - | 51.01 | 1.01 |
| Q2 2016 | (7.04) | (131.3 %) | (0.14) | - | (7.04) | (0.14) |
| Q3 2016 | 28.75 | 15.1 % | 0.57 | - | 28.75 | 0.57 |
| Q4 2016 | (0.77) | (106.5 %) | (0.02) | 44.22 | (44.98) | (0.89) |
| 2016 | 71.95 | (28.5 %) | 1.42 | 44.22 | 27.74 | 0.55 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | 12.49 % | 5.81 % | 4.00 % |
| Q2 2016 | 11.68 % | 5.11 % | 3.17 % |
| Q3 2016 | 12.60 % | 5.99 % | 3.70 % |
| Q4 2016 | 12.12 % | 3.89 % | 1.37 % |
| 2016 | 12.12 % | 3.89 % | 1.37 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2016 | 50.51 | 2.18 | 2.18 | 9.62 |
| Q2 2016 | 50.51 | 1.60 | 1.60 | 9.48 |
| Q3 2016 | 50.51 | 1.67 | 1.67 | 10.07 |
| Q4 2016 | 50.51 | 1.42 | 0.55 | 7.97 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2016 | - | - | - |
| Q2 2016 | 22.70 | 22.70 | 3.83 |
| Q3 2016 | 12.15 | 12.15 | 2.02 |
| Q4 2016 | 14.72 | 38.19 | 2.63 |
Business Segments (Million)
Q4 2016
| Period | Wholesale sector | Retail sector |
|---|---|---|
| Q1 2016 | 857.85 | 25.70 |
| Q2 2016 | 531.37 | 20.82 |
| Q3 2016 | 390.73 | 15.60 |
| Q4 2016 | 155.77 | 20.48 |
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