Lazurde net profit declines 10% to SAR 30.8M in 2023; Q4 loss at SAR 12.7M

Lazurde net profit declines 10% to SAR 30.8M in 2023; Q4 loss at SAR 12.7M

28/03/2024 Argaam Exclusive

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Lazurde Company for Jewelry reported a net profit of SAR 30.8 million for 2023, a slump of 10% from SAR 34.2 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,999.63 1,916.96 (4.1 %)
Gross Income 327.04 299.91 (8.3 %)
Operating Income 85.61 83.12 (2.9 %)
Net Income 34.16 30.83 (9.7 %)
Average Shares 57.50 57.50 -
EPS (Riyals) 0.59 0.54 (9.7 %)

This was attributed to a decline of 4.1% in revenues, including gold, to SAR 1.9 billion in 2023, compared to SAR 1.99 billion in the year before.

 

The group’s operating revenue amounted to SAR 471.6 million in 2023, down 9.1% from SAR 518.7 million a year ago. This was mainly due to the realization of the Egyptian division’s revenues at a low exchange rate.

 

Q4 2023 loss reached SAR 12.7 million, versus a net profit of SAR 2.75 million in the prior-year period.

 

On a quarterly basis, the company turned to losses from net earnings of SAR 24.58 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 387.12 364.96 (5.7 %)
Gross Income 68.98 66.32 (3.9 %)
Operating Income 14.13 12.76 (9.7 %)
Net Income 2.75 (12.63) (560.0 %)
Average Shares 57.50 57.50 -
EPS (Riyals) 0.05 (0.22) (560.0 %)

Total shareholders’ equity, no minority interest, grew to SAR 360.5 million by Dec. 31, 2023, compared to SAR 389.5 million a year ago.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 - - - - - - -
Q2 2014 - - - - - - -
Q3 2014 - - - - - - -
Q4 2014 - - - - - - -
Q1 2015 937.68 - 111.85 - 41.25 - 0.82
Q2 2015 764.54 - 87.77 - 22.50 - 0.45
Q3 2015 671.13 - 83.84 - 24.98 - 0.49
Q4 2015 440.85 - 55.87 - 11.84 - 0.23
Q1 2016 883.55 (5.8 %) 117.33 4.9 % 51.01 23.7 % 1.01
Q2 2016 552.19 (27.8 %) 40.49 (53.9 %) (7.04) (131.3 %) (0.14)
Q3 2016 406.33 (39.5 %) 73.89 (11.9 %) 28.75 15.1 % 0.57
Q4 2016 176.24 (60.0 %) 12.84 (77.0 %) (0.77) (106.5 %) (0.02)
Q1 2017 604.69 (31.6 %) 74.15 (36.8 %) 21.99 (56.9 %) 0.44
Q2 2017 411.84 (25.4 %) 51.63 27.5 % 6.42 191.3 % 0.13
Q3 2017 399.91 (1.6 %) 44.94 (39.2 %) 0.50 (98.3 %) 0.01
Q4 2017 336.07 90.7 % 46.76 264.2 % 2.63 443.3 % 0.05
Q1 2018 554.63 (8.3 %) 68.46 (7.7 %) 9.03 (58.9 %) 0.18
Q2 2018 460.75 11.9 % 55.98 8.4 % 4.85 (24.6 %) 0.10
Q3 2018 481.13 20.3 % 58.76 30.8 % 3.70 637.5 % 0.07
Q4 2018 415.85 23.7 % 60.87 30.2 % 0.09 (96.6 %) 0.00
Q1 2019 673.53 21.4 % 95.97 40.2 % 11.96 32.5 % 0.24
Q2 2019 533.76 15.8 % 80.79 44.3 % 12.16 150.9 % 0.24
Q3 2019 486.23 1.1 % 65.57 11.6 % 0.24 (93.7 %) 0.00
Q4 2019 282.89 (32.0 %) 45.48 (25.3 %) (41.90) (46654.4 %) (0.83)
Q1 2020 444.99 (33.9 %) 70.57 (26.5 %) (1.61) (113.5 %) (0.03)
Q2 2020 170.92 (68.0 %) 21.11 (73.9 %) (66.17) (644.4 %) (1.31)
Q3 2020 370.84 (23.7 %) 47.93 (26.9 %) (18.82) (8107.2 %) (0.37)
Q4 2020 291.69 3.1 % 43.37 (4.6 %) (33.89) 19.1 % (0.67)
Q1 2021 551.40 23.9 % 84.59 19.9 % 10.17 730.9 % 0.20
Q2 2021 475.40 178.1 % 75.48 257.6 % 8.00 112.1 % 0.14
Q3 2021 526.61 42.0 % 79.87 66.6 % 7.85 141.7 % 0.14
Q4 2021 418.08 43.3 % 67.80 56.3 % (3.98) 88.3 % (0.07)
Q1 2022 614.52 11.4 % 99.17 17.2 % 13.71 34.8 % 0.24
Q2 2022 424.05 (10.8 %) 73.70 (2.4 %) 8.51 6.3 % 0.15
Q3 2022 573.94 9.0 % 85.20 6.7 % 9.20 17.2 % 0.16
Q4 2022 387.12 (7.4 %) 68.98 1.7 % 2.75 169.1 % 0.05
Q1 2023 496.33 (19.2 %) 79.13 (20.2 %) 11.65 (15.0 %) 0.20
Q2 2023 477.84 12.7 % 70.80 (3.9 %) 7.23 (15.0 %) 0.13
Q3 2023 577.84 0.7 % 83.66 (1.8 %) 24.58 167.3 % 0.43
Q4 2023 364.96 (5.7 %) 66.32 (3.9 %) (12.63) (560.0 %) (0.22)
2023 1,916.96 (4.1 %) 299.91 (8.3 %) 30.83 (9.7 %) 0.54

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 16.32 % 6.40 % 1.71 %
Q2 2023 15.71 % 6.33 % 1.59 %
Q3 2023 15.60 % 6.22 % 1.86 %
Q4 2023 15.64 % 6.11 % 1.08 %
2023 15.64 % 6.11 % 1.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 57.50 0.56 0.56 6.59
Q2 2023 57.50 0.54 0.54 6.41
Q3 2023 57.50 0.80 0.63 6.51
Q4 2023 57.50 0.54 0.36 6.27

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 24.11 24.11 2.04
Q2 2023 27.61 27.61 2.31
Q3 2023 17.30 22.14 2.14
Q4 2023 26.48 39.38 2.27

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
Q1 2023 442.85 53.48
Q2 2023 425.19 52.65
Q3 2023 524.29 53.55
Q4 2023 305.37 59.59


Financial Ratios
Current
Market Cap (M Riyal) 894.70
Enterprise Value (EV) (M) 2,164.07
Shares Outstanding ((M)) 57.50
EPS ( Riyal) (TTM) 0.82
Book Value (BV) ( Riyal) 5.58
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.14
P/E (TTM) 18.97
Price/book 2.79
Return on Average Assets (%) (TTM) 2.6
Return on Average Equity (%) (TTM) 13.5
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Share Price

Lazurde Company for Jewelry
15.56
0.16 1.04 %

Lazurde Company for Jewelry (LAZURDE)

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