Lazurde 9M 2023 profit jumps 39% to SAR 43.5 mln; Q3 at SAR 24.6 mln

07/11/2023 Argaam Exclusive

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Lazurde Company for Jewelry reported a 39% leap in 9M 2023 net profit to SAR 43.5 million, compared to SAR 31.4 million in the year-ago period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,612.51	1,552.01	(3.8 %)
Gross Income	258.06	233.59	(9.5 %)
Operating Income	71.47	70.36	(1.6 %)
Net Income	31.42	43.46	38.3 %
Average Shares	57.50	57.50	-
EPS (Riyals)	0.55	0.76	38.3 %

Wholesale operating revenues in Saudi Arabia rose 4.7% year-on-year (YoY) due to strong sales of L’azurde gold in traditional gold souks.

Meanwhile, retail operating revenues were up 4.3% YoY on growth in like-for-like sales of the existing stores and the upgrade of the stores network by opening new stores in better locations.

In Egypt, retail operating revenues grew by 39% YoY in EGP terms but lower by 18% compared to last year after translation to SAR. However, due to increasing sales prices to cope with the EGP devaluation, net profit of Egypt retail increased by 16% YoY.

Group operating expenses of SAR 163.2 million were 12.5% lower than the same period of last year of SAR 186.6 million due to cost control initiatives and positive effects of EGP devaluation.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	573.94	577.84	0.7 %
Gross Income	85.20	83.66	(1.8 %)
Operating Income	26.50	26.55	0.2 %
Net Income	9.20	24.58	167.3 %
Average Shares	57.50	57.50	-
EPS (Riyals)	0.16	0.43	167.3 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	477.84	577.84	20.9 %
Gross Income	70.80	83.66	18.2 %
Operating Income	18.68	26.55	42.1 %
Net Income	7.23	24.58	240.1 %
Average Shares	57.50	57.50	-
EPS (Riyals)	0.13	0.43	240.1 %

In Q3 2023, net profit rose 167.4% to SAR 24.60 million from SAR 9.20 million in Q3 2022.

Group total revenues, including gold metal value, were SAR 577.8 million in the third quarter of 2023, an increase of 0.7% compared to SAR 573.9 million in the same quarter of last year. It is worth noting that the Group does not make profits or losses from the value of the sold gold as a metal.

The group's operating revenues amounted to SAR 123.3 million in the third quarter of 2023, a decrease of 9.6% compared to SAR 136.4 million in the same quarter of last year due to the translation of revenues of Egypt at a lower exchange rate despite the strong increase in sales value in EGP.

In Saudi Arabia, wholesale operating revenues were 1% higher than the last year, while retail operating revenues grew by 2% mainly due to growth in like-for-like stores and the optimization of the stores network by opening new stores in better locations as part of the group’s plan to optimize and expand its retail network in Saudi Arabia.

In Egypt, retail operating revenues grew by 27.5% in EGP but declined by 21.0% compared to same quarter of last year after translation to SAR. However, due to increasing sales prices to cope with the EGP devaluation, net profit of Egypt retail increased by 10% compared to the same quarter of last year.

Compared with the previous quarter, Q3 earnings soared from SAR 7.23 million.

Total shareholders’ equity, no minority interest, decreased to SAR 374.2 million as of Sept. 30, 2023, compared to SAR 427.8 million a year earlier.

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	-	-	-	-	-	-	-
2014	2,716.95	(7.2 %)	301.18	11.1 %	86.29	16.3 %	1.71
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
2015	2,814.20	3.6 %	339.33	12.7 %	100.57	16.5 %	1.99
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)
2016	2,018.30	(28.3 %)	244.54	(27.9 %)	71.95	(28.5 %)	1.42
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
2017	1,752.51	(13.2 %)	217.48	(11.1 %)	31.54	(56.2 %)	0.62
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
2018	1,912.36	9.1 %	244.08	12.2 %	17.67	(44.0 %)	0.35
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)
2019	1,976.41	3.3 %	287.81	17.9 %	(17.55)	(199.3 %)	(0.35)
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)
2020	1,278.44	(35.3 %)	182.98	(36.4 %)	(120.49)	(586.6 %)	(2.39)
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)
2021	1,971.48	54.2 %	307.75	68.2 %	22.04	118.3 %	0.38
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
2022	1,999.63	1.4 %	327.04	6.3 %	34.16	55.0 %	0.59
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	2,927.29	20.0 %	270.99	25.3 %	74.18	44.1 %	1.47
2014	2,716.95	(7.2 %)	301.18	11.1 %	86.29	16.3 %	1.71
2015	2,814.20	3.6 %	339.33	12.7 %	100.57	16.5 %	1.99
2016	2,018.30	(28.3 %)	244.54	(27.9 %)	71.95	(28.5 %)	1.42
2017	1,752.51	(13.2 %)	217.48	(11.1 %)	31.54	(56.2 %)	0.62
2018	1,912.36	9.1 %	244.08	12.2 %	17.67	(44.0 %)	0.35
2019	1,976.41	3.3 %	287.81	17.9 %	(17.55)	(199.3 %)	(0.35)
2020	1,278.44	(35.3 %)	182.98	(36.4 %)	(120.49)	(586.6 %)	(2.39)
2021	1,971.48	54.2 %	307.75	68.2 %	22.04	118.3 %	0.38
2022	1,999.63	1.4 %	327.04	6.3 %	34.16	55.0 %	0.59

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2020	14.31 %	1.65 %	(6.71 %)
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 %
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 %
Q1 2023	16.32 %	6.40 %	1.71 %
Q2 2023	15.71 %	6.33 %	1.59 %
Q3 2023	15.60 %	6.22 %	1.86 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2020	14.31 %	1.65 %	(6.71 %)
2021	15.61 %	6.44 %	1.12 %
2022	16.36 %	6.40 %	1.71 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2020	14.87 %	(2.95 %)	(11.62 %)
Q1 2021	15.34 %	7.12 %	1.84 %
Q2 2021	15.88 %	6.70 %	1.68 %
Q3 2021	15.17 %	6.81 %	1.49 %
Q4 2021	16.22 %	4.79 %	(0.95 %)
Q1 2022	16.14 %	6.74 %	2.23 %
Q2 2022	17.38 %	5.95 %	2.01 %
Q3 2022	14.84 %	6.46 %	1.60 %
Q4 2022	17.82 %	6.27 %	0.71 %
Q1 2023	15.94 %	6.81 %	2.35 %
Q2 2023	14.82 %	5.74 %	1.51 %
Q3 2023	14.48 %	6.08 %	2.51 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2020	50.51	(2.39)	(1.70)	5.89
2021	57.50	0.38	0.38	7.90
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 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

Period	P/E	Adjusted P/E	Price/book
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
2020	NEG	NEG	3.33
2021	53.53	53.53	2.60
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
Q1 2023	442.85	53.48
Q2 2023	425.19	52.65
Q3 2023	524.29	53.55

Period	Wholesale sector	Retail sector
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
2020	1,103.26	175.18
2021	1,746.32	225.16
2022	1,772.22	227.41

Financial Ratios

	Current
Market Cap (M Riyal)	892.40
Enterprise Value (EV) (M)	2,161.77
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)	24.07
P/E (TTM)	18.92
Price/book	2.78
Return on Average Assets (%) (TTM)	2.6
Return on Average Equity (%) (TTM)	13.5

Lazurde Company for Jewelry (LAZURDE)

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Lazurde 9M 2023 profit jumps 39% to SAR 43.5 mln; Q3 at SAR 24.6 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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) 2023 Q3

Financial Ratios

Share Price

Lazurde Company for Jewelry (LAZURDE)

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Lazurde 9M 2023 profit jumps 39% to SAR 43.5 mln; Q3 at SAR 24.6 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

Lazurde Company for Jewelry (LAZURDE)

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Business Segments (Million)