Lazurde Q1 2025 profit dips 53% to SAR 13.3M

The first-quarter net profit dropped as the group’s operating profit fell by 19.9% year-on-year (YoY) to SAR 25.7 million, on higher provisions for accounts receivable.

The group recorded an exceptional profit of nearly SAR 20 million in Q1 2024 on FX differences. Its operating revenues, excluding gold price hikes, also increased by 12.2% YoY, as the group’s operating revenues from retail channels saw a 23% YoY rise on sales growth from existing and newly-opened showrooms.

Revenues in Saudi Arabia leapt 45% YoY on sales growth from existing showrooms and branch expansion to seven over the last 12 months. Meanwhile, retail operating revenues in Egypt climbed by 43% YoY, but declined 6% in Saudi Arabia.

On the other hand, the group’s total revenues, including gold, jumped by 35.6% YoY to SAR 721.2 million in the first quarter of 2025.

The jewelry retailer turned profitable from a net loss of SAR 13.1 million in Q4 2024 on a 66% leap in operating revenues to SAR 160.5 million.

Total shareholders’ equity, no minority interest, reached SAR 292.3 million as of March 31, 2025, down from SAR 320.6 million a year earlier.

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