Lazurde Company for Jewelry reported a net profit after Zakat and tax of SAR 13.7 million in Q1 2022, an increase of 34%, compared to SAR 10.2 million in the year-earlier period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 551.40 | 614.52 | 11.4 % |
| Gross Income | 84.59 | 99.17 | 17.2 % |
| Operating Income | 27.88 | 30.06 | 7.8 % |
| Net Income | 10.17 | 13.71 | 34.8 % |
| Average Shares | 50.51 | 57.50 | 13.8 % |
| EPS (Riyals) | 0.20 | 0.24 | 18.4 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 418.08 | 614.52 | 47.0 % |
| Gross Income | 67.80 | 99.17 | 46.3 % |
| Operating Income | 9.41 | 30.06 | 219.3 % |
| Net Income | (3.98) | 13.71 | 445.0 % |
| Average Shares | 57.50 | 57.50 | - |
| EPS (Riyals) | (0.07) | 0.24 | 445.0 % |
This profit rise was buoyed by the company’s transformation initiatives. In Q1 2022, operating revenue rose by 9.3% year-on-year (YoY) and the company generated positive cash inflows from operations at SAR 17.3 million.
Lazurde also cited an increase of 11.4% in total revenue, and 18% growth in Egypt’s wholesale operating revenues.
In Egypt, demand for L’azurde gold jewelry continued to remain strong, whereas retail operating revenue increased by 11.3% YoY.
The group e-commerce business delivered SAR 7.4 million revenue in the first quarter of 2022. In addition, Miss L’ and L’azurde Instyle brands, which were launched in 2019 and 2020 respectively, performed very well and collectively contributed SAR 29.7 million revenue in Q1 2022.
On a sequential basis, Lazurde turned to profit, versus net loss of SAR 4 million in Q4 2021.
Total shareholders’ equity, excluding minority interest, jumped 41.9% year-on-year (YoY) to SAR 437.5 million in Q1 2022.
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