Lazurde profit up 56% to SAR 34.2 mln in 2022; Q4 at SAR 2.8 mln

Lazurde profit up 56% to SAR 34.2 mln in 2022; Q4 at SAR 2.8 mln

23/03/2023 Argaam Exclusive

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Lazurde Company for Jewelry reported a 56% profit leap to SAR 34.2 million in 2022, from SAR 22 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 1,971.48 1,999.63 1.4 %
Gross Income 307.75 327.04 6.3 %
Operating Income 81.46 85.61 5.1 %
Net Income 22.04 34.16 55.0 %
Average Shares 57.50 57.50 -
EPS (Riyals) 0.38 0.59 55.0 %

The higher profit was attributed to total revenues, including gold value, which grew by 1.4% year-on-year (YoY) to SAR 1.99 billion in 2022. The group does not make profits or losses from sales of gold as a metal.

 

The group’s operating revenues, excluding gold value, amounted to SAR 518.7 million for 2022, an increase of 2.7% YoY.

 

In Saudi Arabia, the wholesale operating revenues were 10.4% higher YoY due to strong sales of Lazurde gold in traditional gold souks.

 

In Egypt, the wholesale operating revenues grew by 18.6% YoY in Egyptian pound terms, or 1% after translation to Saudi riyal, compared to 2021.

 

The group’s e-commerce business delivered SAR 33.3 million revenues for 2022, a rise of 37% YoY.

 

Gross profit rose 6.3% YoY to SAR 327.0 million for 2022. The group’s operating profit grew 5% YoY to SAR 85.6 million in the same period, while finance costs increased by 2.4% YoY to SAR 32.0 million.

 

In Q4 2022, Lazurde turned to a net profit of SAR 2.78 million, against a net loss of SAR 3.98 million in Q4 2021.

 

The fourth-quarter net profit dipped 69.7% from SAR 9.20 million in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 418.08 387.12 (7.4 %)
Gross Income 67.80 68.98 1.7 %
Operating Income 9.41 14.13 50.1 %
Net Income (3.98) 2.75 169.1 %
Average Shares 57.50 57.50 -
EPS (Riyals) (0.07) 0.05 169.1 %

Shareholders’ equity, after minority interest, dropped to SAR 389.4 million as of Dec. 31, 2022, from SAR 454.2 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2021 418.08 43.3 % 67.80 56.3 % 9.41 146.9 %
Q1 2022 614.52 11.4 % 99.17 17.2 % 30.06 7.8 %
Q2 2022 424.05 (10.8 %) 73.70 (2.4 %) 14.91 (26.1 %)
Q3 2022 573.94 9.0 % 85.20 6.7 % 26.50 10.5 %
Q4 2022 387.12 (7.4 %) 68.98 1.7 % 14.13 50.1 %
2022 1,999.63 1.4 % 327.04 6.3 % 85.61 5.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2021 (3.98) 88.3 % (0.07) - (3.98) (0.07)
Q1 2022 13.71 34.8 % 0.24 - 13.71 0.24
Q2 2022 8.51 6.3 % 0.15 - 8.51 0.15
Q3 2022 9.20 17.2 % 0.16 - 9.20 0.16
Q4 2022 2.75 169.1 % 0.05 - 2.75 0.05
2022 34.16 55.0 % 0.59 - 34.16 0.59

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2021 15.61 % 6.44 % 1.12 %
Q1 2022 15.84 % 6.34 % 1.26 %
Q2 2022 16.16 % 6.18 % 1.32 %
Q3 2022 16.05 % 6.09 % 1.35 %
Q4 2022 16.36 % 6.40 % 1.71 %
2022 16.36 % 6.40 % 1.71 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2021 57.50 0.38 0.38 7.90
Q1 2022 57.50 0.44 0.44 7.61
Q2 2022 57.50 0.45 0.45 7.42
Q3 2022 57.50 0.48 0.48 7.44
Q4 2022 57.50 0.59 0.59 6.77

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2021 53.53 53.53 2.60
Q1 2022 42.25 42.25 2.47
Q2 2022 32.75 32.75 2.00
Q3 2022 30.84 30.84 1.98
Q4 2022 20.77 20.77 1.82

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
Q4 2021 360.74 57.34
Q1 2022 555.60 58.92
Q2 2022 372.56 51.48
Q3 2022 514.95 58.99
Q4 2022 329.10 58.02

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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