Lazurde swings to SAR 26 mln net profit in 9M 2021

Lazurde swings to SAR 26 mln net profit in 9M 2021

01/11/2021 Argaam Exclusive

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Lazurde Company for Jewelry swung to a net profit after Zakat and tax of SAR 26 million for the first nine months of 2021, compared to a net loss of SAR 86.6 million in the same period a year earlier.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 986.75 1,553.41 57.4 %
Gross Income 139.61 239.94 71.9 %
Operating Income (3.84) 72.04 1975.1 %
Net Income (86.60) 26.02 130.0 %
Average Shares 50.51 57.50 13.8 %
EPS (Riyals) (1.71) 0.45 126.4 %

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

 

Retail revenues in Saudi Arabia increased by 29.2% year-on-year (YoY), due to higher revenues from some shops, the successful launches of Miss L’ and Lazurde Instyle brands, the new fast growing Lazurde e-commerce platforms, opening of new outlets in the last 12 months, and easing of COVID-19 precautionary measures. Meanwhile, in Egypt, retail revenues increased by 43.1% YoY, driven by the opening of new shops and the successful launches of Miss L’ and Lazurde Instyle brands. 

 

In Saudi Arabia, wholesale revenues were 61.4% higher than same period of last year, backed by the successful launch of Lazurde Instyle brand. 

 

Wholesale revenues in Egypt grew by 70.8% compared to same period of last year as demand for gold jewelry remained high. 

 

The group launched the new fast growing e-commerce business in March 2020, which has already delivered SAR 17.5 million revenues in the first nine months of 2021. This represents a share of 4.5% of the group’s operating revenues and 10.4% of retail revenues.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 370.84 526.61 42.0 %
Gross Income 47.93 79.87 66.6 %
Operating Income (0.11) 23.99 22111.9 %
Net Income (18.82) 7.85 141.7 %
Average Shares 50.51 57.50 13.8 %
EPS (Riyals) (0.37) 0.14 136.6 %

In Q3 2021, the company turned to a net profit after Zakat and tax of SAR 7.8 million due to higher operating and total revenues from the group.

 

On a sequential basis, the company’s Q3 2021 declined 2.5%.

 

Shareholders' equity, excluding minority rights, at the end of 9M 2021  amounted to SAR 460.7 million, compared to SAR 332.6 million in the year-earlier period. 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %)
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 %
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 %)
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 %)
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 %)
Q4 2020 291.69 3.1 % 43.37 (4.6 %) (20.07) (181.8 %)
Q1 2021 551.40 23.9 % 84.59 19.9 % 27.88 124.5 %
Q2 2021 475.40 178.1 % 75.48 257.6 % 20.17 224.9 %
Q3 2021 526.61 42.0 % 79.87 66.6 % 23.99 22111.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 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
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)
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
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
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)
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)
Q4 2020 (33.89) 19.1 % (0.67) - (33.89) (0.67)
Q1 2021 10.17 730.9 % 0.20 - 10.17 0.20
Q2 2021 8.00 112.1 % 0.14 - 8.00 0.14
Q3 2021 7.85 141.7 % 0.14 - 7.85 0.14

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 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 %
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 %
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 %
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 %
Q1 2020 15.01 % 5.26 % (0.76 %)
Q2 2020 14.64 % 3.47 % (4.11 %)
Q3 2020 14.58 % 2.76 % (5.99 %)
Q4 2020 14.31 % 1.65 % (6.71 %)
Q1 2021 14.23 % 2.65 % (5.34 %)
Q2 2021 14.88 % 4.35 % (2.04 %)
Q3 2021 15.35 % 5.33 % (0.43 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2020 50.51 (2.39) (1.70) 5.89
Q1 2021 50.51 (2.15) (1.47) 6.10
Q2 2021 57.50 (0.60) (0.60) 7.88
Q3 2021 57.50 (0.14) (0.14) 8.01

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2020 NEG NEG 3.33
Q1 2021 NEG NEG 3.60
Q2 2021 NEG NEG 3.34
Q3 2021 NEG NEG 2.99

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
Q4 2020 237.35 54.34
Q1 2021 493.70 57.70
Q2 2021 423.45 51.95
Q3 2021 468.44 58.17

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

Share Price

13.40
(0.06) (0.45 %)

Lazurde Company for Jewelry (LAZURDE)


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