Lazurde's 9M profit drops 39% on low operating income

30/10/2018 Argaam Exclusive

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Lazurde Company for Jewelry (LAZURDE)

Lazurde Company for Jewelry reported a net profit of SAR 17.6 million, declining 39.2 percent year-on-year (YoY) in the first nine months of 2018, higher operating expenses and decreased operating income.

Financials (M)

Item	9m 2017	9m 2018	Change‬
Revenues	1,416.44	1,496.52	5.7 %
Gross Income	170.72	183.20	7.3 %
Operating Income	61.28	56.17	(8.3 %)
Net Income	28.91	17.58	(39.2 %)
Average Shares	50.51	50.51	-
EPS (Riyals)	0.57	0.35	(39.2 %)

Lazurde posted a net profit of SAR 3.7 million, nearly a sevenfold increase YoY in Q3 2018, on a rise of 29.3 percent in group's operating revenue, higher revenue from Egypt and Saudi units.

When compared to the previous quarter, Q3 net income dropped 23.6 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬
Revenues	399.91	481.13	20.3 %
Gross Income	44.94	58.76	30.8 %
Operating Income	10.73	15.78	47.0 %
Net Income	0.50	3.70	637.5 %
Average Shares	50.51	50.51	-
EPS (Riyals)	0.01	0.07	637.5 %

Item	Q2 2018	Q3 2018	Change‬
Revenues	460.75	481.13	4.4 %
Gross Income	55.98	58.76	5.0 %
Operating Income	17.36	15.78	(9.1 %)
Net Income	4.85	3.70	(23.6 %)
Average Shares	50.51	50.51	-
EPS (Riyals)	0.10	0.07	(23.6 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	2,138.56	-	193.96	-	22.53	-	0.45
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	2,439.10	14.1 %	216.21	11.5 %	51.48	128.4 %	1.02
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	2,927.29	20.0 %	270.99	25.3 %	74.18	44.1 %	1.47
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
2011	2,138.56	-	193.96	-	22.53	-	0.45
2012	2,439.10	14.1 %	216.21	11.5 %	51.48	128.4 %	1.02
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	-	-	-	-
2009	-	-	-	-
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
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	More than 50	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	More than 50	More than 50	2.12
Q3 2018	40.46	40.46	1.92

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	14.72	38.19	2.63
2017	28.54	28.54	2.21

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

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

Financial Ratios

	Current
Market Cap (M Riyal)	920.00
Enterprise Value (EV) (M)	2,091.90
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)	24.81
P/E (TTM)	19.50
Price/book	2.87
Return on Average Assets (%) (TTM)	2.7
Return on Average Equity (%) (TTM)	13.5

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Lazurde's 9M profit drops 39% on low operating income

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Share Price

Lazurde Company for Jewelry (LAZURDE)

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) 2018 Q3

Financial Ratios

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Lazurde's 9M profit drops 39% on low operating income

View other reports

Share Price

Lazurde Company for Jewelry (LAZURDE)

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 2018

Revenue by Business Segment (Latest) 2018 Q3

Financial Ratios

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Business Segments (Million)