Lazurde turns to SAR 86.6 mln net loss in 9M 2020

Lazurde Company For Jewelry turned to a net loss after Zakat and tax of SAR 86.6 million for the first nine months of 2020, compared to a net profit of SAR 24.4 million in the same period a year earlier.

The company attributed the earnings to lower total and operating revenues from the group.

In Saudi Arabia, wholesale revenues were 53.3% lower than same period of last year, impacted by the complete closure of gold souks and malls since mid-March to end of April, reduced working hours in May and June due to COVID-19, and the tripling of VAT to 15%.

Wholesale revenues in Egypt declined by 29.6% compared to same period of last year due to reduced working hours in malls and souks in first half of the year due to COVID-19 and the sharp increase in gold price.

Retail revenues in Saudi Arabia decreased by 42.8% due to complete closure of malls to contain the spread of COVID-19. Meanwhile, in Egypt, retail revenues increased by 20.1% organically, driven by the opening of nine new locations in 2020 for Miss L’ and diamond jewelry.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	1,693.52	986.75	(41.7 %)
Gross Income	242.33	139.61	(42.4 %)
Operating Income	71.62	(3.84)	(105.4 %)
Net Income	24.35	(86.60)	(455.6 %)
Average Shares	50.51	50.51	-
EPS (Riyals)	0.48	(1.71)	(455.6 %)

In Q3 2020, the jewelry designer turned to a net loss after Zakat and tax of SAR 18.8 million due to lower operating and total revenues from the group.

On a sequential basis, the company narrowed its Q3 2020 losses driven by the strong recovery in revenues and the one off cost of SAR 34.7 million in Q2 2020 related to the recall of some of the heavyweight products not meeting the latest consumer trends.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	486.23	370.84	(23.7 %)
Gross Income	65.57	47.93	(26.9 %)
Operating Income	13.18	(0.11)	(100.8 %)
Net Income	0.24	(18.82)	(8107.2 %)
Average Shares	50.51	50.51	-
EPS (Riyals)	0.00	(0.37)	(8107.2 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	170.92	370.84	117.0 %
Gross Income	21.11	47.93	127.1 %
Operating Income	(16.15)	(0.11)	99.3 %
Net Income	(66.17)	(18.82)	71.6 %
Average Shares	50.51	50.51	-
EPS (Riyals)	(1.31)	(0.37)	71.6 %

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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

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	2,138.56	-	193.96	-	75.71	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	2,439.10	14.1 %	216.21	11.5 %	89.26	17.9 %
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	2,927.29	20.0 %	270.99	25.3 %	117.91	32.1 %
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	2,716.95	(7.2 %)	301.18	11.1 %	130.63	10.8 %
Q1 2015	937.68	-	111.85	-	52.19	-
Q2 2015	764.54	-	87.77	-	35.58	-
Q3 2015	671.13	-	83.84	-	33.46	-
Q4 2015	440.85	-	55.87	-	28.25	-
2015	2,814.20	3.6 %	339.33	12.7 %	149.48	14.4 %
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 %)
Q1 2017	604.69	(31.6 %)	74.15	(36.8 %)	34.82	(34.2 %)
Q2 2017	411.84	(25.4 %)	51.63	27.5 %	15.73	207.7 %
Q3 2017	399.91	(1.6 %)	44.94	(39.2 %)	10.73	(73.0 %)
Q4 2017	336.07	90.7 %	46.76	264.2 %	13.99	147.0 %
2017	1,752.51	(13.2 %)	217.48	(11.1 %)	75.27	10.7 %
Q1 2018	554.63	(8.3 %)	68.46	(7.7 %)	23.04	(33.8 %)
Q2 2018	460.75	11.9 %	55.98	8.4 %	17.36	10.4 %
Q3 2018	481.13	20.3 %	58.76	30.8 %	15.78	47.0 %
Q4 2018	415.85	23.7 %	60.87	30.2 %	13.75	(1.7 %)
2018	1,912.36	9.1 %	244.08	12.2 %	69.93	(7.1 %)
Q1 2019	673.53	21.4 %	95.97	40.2 %	30.39	31.9 %
Q2 2019	533.76	15.8 %	80.79	44.3 %	28.05	61.6 %
Q3 2019	486.23	1.1 %	65.57	11.6 %	13.18	(16.4 %)
Q4 2019	282.89	(32.0 %)	45.48	(25.3 %)	(7.12)	(151.8 %)
2019	1,976.41	3.3 %	287.81	17.9 %	64.50	(7.8 %)
Q1 2020	444.99	(33.9 %)	70.57	(26.5 %)	12.42	(59.1 %)
Q2 2020	170.92	(68.0 %)	21.11	(73.9 %)	(16.15)	(157.6 %)
Q3 2020	370.84	(23.7 %)	47.93	(26.9 %)	(0.11)	(100.8 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2010	-	-	-	-	-	-
2011	2,138.56	-	193.96	-	75.71	-
2012	2,439.10	14.1 %	216.21	11.5 %	89.26	17.9 %
2013	2,927.29	20.0 %	270.99	25.3 %	117.91	32.1 %
2014	2,716.95	(7.2 %)	301.18	11.1 %	130.63	10.8 %
2015	2,814.20	3.6 %	339.33	12.7 %	149.48	14.4 %
2016	2,018.30	(28.3 %)	244.54	(27.9 %)	68.00	(54.5 %)
2017	1,752.51	(13.2 %)	217.48	(11.1 %)	75.27	10.7 %
2018	1,912.36	9.1 %	244.08	12.2 %	69.93	(7.1 %)
2019	1,976.41	3.3 %	287.81	17.9 %	64.50	(7.8 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	22.53	-	0.45	-	22.53	0.45
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	51.48	128.4 %	1.02	-	51.48	1.02
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	74.18	44.1 %	1.47	-	74.18	1.47
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	86.29	16.3 %	1.71	-	86.29	1.71
Q1 2015	41.25	-	0.82	-	41.25	0.82
Q2 2015	22.50	-	0.45	-	22.50	0.45
Q3 2015	24.98	-	0.49	-	24.98	0.49
Q4 2015	11.84	-	0.23	-	11.84	0.23
2015	100.57	16.5 %	1.99	-	100.57	1.99
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
Q1 2017	21.99	(56.9 %)	0.44	-	21.99	0.44
Q2 2017	6.42	191.3 %	0.13	-	6.42	0.13
Q3 2017	0.50	(98.3 %)	0.01	-	0.50	0.01
Q4 2017	2.63	443.3 %	0.05	-	2.63	0.05
2017	31.54	(56.2 %)	0.62	-	31.54	0.62
Q1 2018	9.03	(58.9 %)	0.18	-	9.03	0.18
Q2 2018	4.85	(24.6 %)	0.10	-	4.85	0.10
Q3 2018	3.70	637.5 %	0.07	-	3.70	0.07
Q4 2018	0.09	(96.6 %)	0.00	-	0.09	0.00
2018	17.67	(44.0 %)	0.35	-	17.67	0.35
Q1 2019	11.96	32.5 %	0.24	-	11.96	0.24
Q2 2019	12.16	150.9 %	0.24	-	12.16	0.24
Q3 2019	0.24	(93.7 %)	0.00	-	0.24	0.00
Q4 2019	(41.90)	(46654.4 %)	(0.83)	(17.77)	(24.13)	(0.48)
2019	(17.55)	(199.3 %)	(0.35)	(17.77)	0.22	0.00
Q1 2020	(1.61)	(113.5 %)	(0.03)	-	(1.61)	(0.03)
Q2 2020	(66.17)	(644.4 %)	(1.31)	(34.69)	(31.48)	(0.62)
Q3 2020	(18.82)	(8107.2 %)	(0.37)	-	(18.82)	(0.37)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2010	-	-	-	-	-	-
2011	22.53	-	0.45	-	22.53	0.45
2012	51.48	128.4 %	1.02	-	51.48	1.02
2013	74.18	44.1 %	1.47	-	74.18	1.47
2014	86.29	16.3 %	1.71	-	86.29	1.71
2015	100.57	16.5 %	1.99	-	100.57	1.99
2016	71.95	(28.5 %)	1.42	44.22	27.74	0.55
2017	31.54	(56.2 %)	0.62	-	31.54	0.62
2018	17.67	(44.0 %)	0.35	-	17.67	0.35
2019	(17.55)	(199.3 %)	(0.35)	(17.77)	0.22	0.00

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	9.07 %	4.12 %	1.05 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	8.86 %	4.10 %	2.11 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	9.26 %	4.43 %	2.53 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	11.09 %	5.17 %	3.18 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	12.06 %	5.66 %	3.57 %
2015	12.06 %	5.66 %	3.57 %
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 %
Q1 2017	11.58 %	3.48 %	(0.07 %)
Q2 2017	13.29 %	4.43 %	0.76 %
Q3 2017	11.53 %	2.60 %	(1.01 %)
Q4 2017	12.41 %	4.87 %	1.80 %
2017	12.41 %	4.87 %	1.80 %
Q1 2018	12.44 %	4.33 %	1.09 %
Q2 2018	12.34 %	4.32 %	0.97 %
Q3 2018	12.55 %	4.42 %	1.10 %
Q4 2018	12.76 %	4.27 %	0.92 %
2018	12.76 %	4.27 %	0.92 %
Q1 2019	13.37 %	4.77 %	1.01 %
Q2 2019	14.09 %	5.50 %	1.33 %
Q3 2019	14.37 %	5.75 %	1.16 %
Q4 2019	14.56 %	5.53 %	0.01 %
2019	14.56 %	5.53 %	0.01 %
Q1 2020	15.01 %	5.26 %	(0.76 %)
Q2 2020	14.64 %	3.47 %	(4.11 %)
Q3 2020	14.58 %	2.76 %	(5.99 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	-	-	-
2011	9.07 %	4.12 %	1.05 %
2012	8.86 %	4.10 %	2.11 %
2013	9.26 %	4.43 %	2.53 %
2014	11.09 %	5.17 %	3.18 %
2015	12.06 %	5.66 %	3.57 %
2016	12.12 %	3.89 %	1.37 %
2017	12.41 %	4.87 %	1.80 %
2018	12.76 %	4.27 %	0.92 %
2019	14.56 %	5.53 %	0.01 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	11.93 %	5.82 %	4.40 %
Q2 2015	11.48 %	4.97 %	2.94 %
Q3 2015	12.49 %	5.36 %	3.72 %
Q4 2015	12.67 %	7.00 %	2.69 %
Q1 2016	13.28 %	6.28 %	5.77 %
Q2 2016	7.33 %	1.41 %	(1.27 %)
Q3 2016	18.18 %	10.51 %	7.08 %
Q4 2016	7.28 %	(15.54 %)	(25.52 %)
Q1 2017	12.26 %	6.19 %	3.64 %
Q2 2017	12.54 %	4.41 %	1.56 %
Q3 2017	11.24 %	3.29 %	0.13 %
Q4 2017	13.91 %	4.95 %	0.78 %
Q1 2018	12.34 %	4.64 %	1.63 %
Q2 2018	12.15 %	4.35 %	1.05 %
Q3 2018	12.21 %	3.86 %	0.77 %
Q4 2018	14.64 %	4.17 %	0.02 %
Q1 2019	14.25 %	6.08 %	1.78 %
Q2 2019	15.14 %	7.30 %	2.28 %
Q3 2019	13.49 %	4.93 %	0.05 %
Q4 2019	16.08 %	1.90 %	(8.53 %)
Q1 2020	15.86 %	5.32 %	(0.36 %)
Q2 2020	12.35 %	(2.88 %)	(18.42 %)
Q3 2020	12.93 %	2.95 %	(5.07 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	6.93
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	7.88
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	9.23
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	9.57
Q1 2015	50.51	-	-	10.13
Q2 2015	50.51	-	-	9.73
Q3 2015	50.51	-	-	10.12
Q4 2015	50.51	1.99	1.99	9.72
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
Q1 2017	50.51	0.85	(0.03)	8.35
Q2 2017	50.51	1.12	0.24	8.03
Q3 2017	50.51	0.56	(0.32)	8.02
Q4 2017	50.51	0.62	0.62	8.05
Q1 2018	50.51	0.37	0.37	8.30
Q2 2018	50.51	0.34	0.34	8.37
Q3 2018	50.51	0.40	0.40	8.45
Q4 2018	50.51	0.35	0.35	8.44
Q1 2019	50.51	0.41	0.41	8.73
Q2 2019	50.51	0.55	0.55	9.04
Q3 2019	50.51	0.48	0.48	9.08
Q4 2019	50.51	(0.35)	0.00	8.28
Q1 2020	50.51	(0.62)	(0.26)	8.28
Q2 2020	50.51	(2.17)	(1.13)	6.88
Q3 2020	50.51	(2.54)	(1.51)	6.58

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	-	-	-	-
2011	50.51	0.45	0.45	6.93
2012	50.51	1.02	1.02	7.88
2013	50.51	1.47	1.47	9.23
2014	50.51	1.71	1.71	9.57
2015	50.51	1.99	1.99	9.72
2016	50.51	1.42	0.55	7.97
2017	50.51	0.62	0.62	8.05
2018	50.51	0.35	0.35	8.44
2019	50.51	(0.35)	0.00	8.28

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
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
Q1 2017	28.62	NEG	2.91
Q2 2017	19.72	91.32	2.74
Q3 2017	38.64	NEG	2.69
Q4 2017	28.54	28.54	2.21
Q1 2018	46.62	46.62	2.07
Q2 2018	52.73	52.73	2.12
Q3 2018	40.46	40.46	1.92
Q4 2018	44.33	44.33	1.84
Q1 2019	38.83	38.83	1.81
Q2 2019	27.01	27.01	1.65
Q3 2019	31.64	31.64	1.69
Q4 2019	NEG	More than 100	1.99
Q1 2020	NEG	NEG	1.26
Q2 2020	NEG	NEG	1.77
Q3 2020	NEG	NEG	3.18

Period	P/E	Adjusted P/E	Price/book
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	14.72	38.19	2.63
2017	28.54	28.54	2.21
2018	44.33	44.33	1.84
2019	NEG	More than 100	1.99

Business Segments (Million)

Compared With The

Period	Wholesale sector	Retail sector
Q3 2014	607.97	15.45
Q4 2014	467.30	15.74
Q1 2015	914.24	23.44
Q2 2015	743.57	20.98
Q3 2015	649.49	21.63
Q4 2015	422.71	18.14
Q1 2016	857.85	25.70
Q2 2016	531.37	20.82
Q3 2016	390.73	15.60
Q4 2016	155.77	20.48
Q1 2017	573.29	31.40
Q2 2017	387.78	24.06
Q3 2017	374.26	25.65
Q4 2017	302.53	33.54
Q1 2018	516.41	38.22
Q2 2018	433.24	27.52
Q3 2018	450.60	30.53
Q4 2018	374.45	41.39
Q1 2019	613.94	59.59
Q2 2019	475.32	58.44
Q3 2019	438.25	47.98
Q4 2019	234.62	48.27
Q1 2020	398.12	46.87
Q2 2020	147.19	23.73
Q3 2020	320.61	50.24

Period	Wholesale sector	Retail sector
2011	2,051.70	86.86
2012	2,372.58	66.51
2013	2,849.79	77.50
2014	2,643.76	73.19
2015	2,730.01	84.19
2016	1,935.71	82.59
2017	1,639.99	112.52
2018	1,774.71	137.66
2019	1,762.12	214.29

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Lazurde turns to SAR 86.6 mln net loss in 9M 2020

Financials (M)

Current Quarter Comparison (M)

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Share Price

Lazurde Company for Jewelry (LAZURDE)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2020 Q3

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Lazurde turns to SAR 86.6 mln net loss in 9M 2020

Financials (M)

Current Quarter Comparison (M)

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Share Price

Lazurde Company for Jewelry (LAZURDE)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2020

Revenue by Business Segment (Latest) 2020 Q3

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Business Segments (Million)