L’Azurde Company for Jewelry, one of Saudi Arabia’s biggest jewelers, reported a net profit of SAR 28.4 million for the first half of 2017, a 35.4 percent year-on-year (YoY) drop attributed to lower operating revenue and the SAR 12.5 million one-off FX gain last year.
| Item | 6m 2016 | 6m 2017 | Change |
|---|---|---|---|
| Revenues | 1,435.73 | 1,016.53 | (29.2 %) |
| Gross Income | 157.82 | 125.78 | (20.3 %) |
| Operating Income | 57.99 | 50.54 | (12.8 %) |
| Net Income | 43.97 | 28.41 | (35.4 %) |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | 0.87 | 0.56 | (35.4 %) |
In Q2 2017, the company swung to a net profit of SAR 6.4 million, compared to a net loss of SAR 7 million, backed by the one-off IFRS adjustments of SAR 28.5 million that led to a decline in gross margins in the second quarter of 2016.
The Q2 profit plunged 70.8 percent compared to the previous quarter profit, on the back of seasonal factors.
| Item | Q2 2016 | Q2 2017 | Change |
|---|---|---|---|
| Revenues | 552.19 | 411.84 | (25.4 %) |
| Gross Income | 40.49 | 51.63 | 27.5 % |
| Operating Income | 5.11 | 15.73 | 207.7 % |
| Net Income | (7.04) | 6.42 | 191.3 % |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | (0.14) | 0.13 | 191.3 % |
| Item | Q1 2017 | Q2 2017 | Change |
|---|---|---|---|
| Revenues | 604.69 | 411.84 | (31.9 %) |
| Gross Income | 74.15 | 51.63 | (30.4 %) |
| Operating Income | 34.82 | 15.73 | (54.8 %) |
| Net Income | 21.99 | 6.42 | (70.8 %) |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | 0.44 | 0.13 | (70.8 %) |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2008 | - | - | - | - | - | - | - |
| Q2 2008 | - | - | - | - | - | - | - |
| Q3 2008 | - | - | - | - | - | - | - |
| Q4 2008 | - | - | - | - | - | - | - |
| 2008 | - | - | - | - | - | - | - |
| 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 |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 2007 | - | - | - | - | - | - | - |
| 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 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2008 | - | - | - |
| Q2 2008 | - | - | - |
| Q3 2008 | - | - | - |
| Q4 2008 | - | - | - |
| 2008 | - | - | - |
| 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 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 2007 | - | - | - |
| 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 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2008 | - | - | - |
| Q2 2008 | - | - | - |
| Q3 2008 | - | - | - |
| Q4 2008 | - | - | - |
| 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 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2008 | - | - | - | - |
| Q2 2008 | - | - | - | - |
| Q3 2008 | - | - | - | - |
| Q4 2008 | - | - | - | - |
| 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 |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 2007 | - | - | - | - |
| 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 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2008 | - | - | - |
| Q2 2008 | - | - | - |
| Q3 2008 | - | - | - |
| Q4 2008 | - | - | - |
| 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 | 91.32 | 2.74 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 2007 | - | - | - |
| 2008 | - | - | - |
| 2009 | - | - | - |
| 2010 | - | - | - |
| 2011 | - | - | - |
| 2012 | - | - | - |
| 2013 | - | - | - |
| 2014 | - | - | - |
| 2015 | - | - | - |
| 2016 | 14.72 | 38.19 | 2.63 |
Q2 2017
2017
| 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 |
| 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 |
| Current | |
| Market Cap (M Riyal) | 895.85 |
| Enterprise Value (EV) (M) | 2,165.22 |
| 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) | 24.17 |
| P/E (TTM) | 18.99 |
| Price/book | 2.79 |
| Return on Average Assets (%) (TTM) | 2.6 |
| Return on Average Equity (%) (TTM) | 13.5 |
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