Lazurde 9M 2024 earnings drop to SAR 24.8M; Q3 loss at SAR 7.2M on one-offs

11/11/2024 Argaam Exclusive

Lazurde Company for Jewelry reported profit of SAR 24.8 million in 9M 2024, down from SAR 43.5 million in the year-ago period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,549.64 1,697.00 9.5 %
Gross Income 231.22 230.80 (0.2 %)
Operating Income 67.99 63.50 (6.6 %)
Net Income 43.46 24.80 (42.9 %)
Average Shares 57.50 57.50 -
EPS (Riyals) 0.76 0.43 (42.9 %)

During the period, the group’s operating profit fell 6.6% to SAR 63.5 million from SAR 68.0 million in same period of last year due to higher operating expenses related to increased gold prices.

 

The company stressed that its 9M 2023 results were lifted by one-off gains of SAR 10.1 million from the sale of an administrative office in UAE.

 

On the other hand, gross revenues, including gold metal value, were SAR 1.69 billion in the first nine months of 2024, an increase of 9.5% from SAR 1.54 billion in the same period of last year.

 

The group’s operating revenues, which better represent its revenues after excluding gold metal value, amounted to SAR 365.7 million in 9M 2024, up 0.9% from SAR 362.3 million in 9M 2023.

 

In KSA, retail operating revenues were 17.7% higher than last year due to growth in like-for-like sales of the existing stores. This is in addition to the expansion of its store network by opening several new stores in key locations.

 

In Egypt, the group is still excelling, as wholesale operating revenues increased by 43.7% in EGP terms when compared to the same period of last year due to strong sales of Lazurde gold jewelry in traditional gold souks. Retail operating revenues grew by 44.3% in EGP terms, supported by growth in like-for-like sales of the existing stores. This is in addition to the expansion of its store network by new openings in key locations.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 577.00 625.90 8.5 %
Gross Income 82.82 69.60 (16.0 %)
Operating Income 25.71 16.90 (34.3 %)
Net Income 24.58 (7.20) (129.3 %)
Average Shares 57.50 57.50 -
EPS (Riyals) 0.43 (0.13) (129.3 %)

In Q3 2024, the company turned to a loss of SAR 7.2 million versus a profit of SAR 24.58 million in Q3 2023. This was attributed to recording non-recurring expenses totaling SAR 10.2 million related to changing the company’s distributor in the GCC, earmarking a provision for a legal dispute, and incurring losses from foreign exchanges differences.

 

Compared with the previous quarter, the company turned to losses against a profit of SAR 4 million in Q2 2024.

 

Total shareholders’ equity, no minority interest, decreased to SAR 301.2 million as of Sept. 30, 2024, compared to SAR 374.2 million a year earlier.

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Share Price

Lazurde Company for Jewelry
13.60
(0.12) (0.87 %)

Lazurde Company for Jewelry (LAZURDE)

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Financial Ratios
Current
Market Cap (M Riyal) 782.00
Enterprise Value (EV) (M) 2,038.35
Shares Outstanding ((M)) 57.50
EPS ( Riyal) (TTM) 0.21
Book Value (BV) ( Riyal) 5.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 2.60
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 3.6
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 937.68 - 111.85 - 52.19 -
Q2 2015 764.54 - 87.77 - 35.58 -
Q3 2015 671.13 - 83.84 - 33.46 -
Q4 2015 440.85 - 55.87 - 28.25 -
Q1 2016 883.55 (5.8 %) 117.33 4.9 % 52.88 1.3 %
Q2 2016 552.19 (27.8 %) 40.49 (53.9 %) 5.11 (85.6 %)
Q3 2016 406.33 (39.5 %) 73.89 (11.9 %) 39.77 18.9 %
Q4 2016 176.24 (60.0 %) 12.84 (77.0 %) (29.76) (205.4 %)
Q1 2017 604.69 (31.6 %) 74.15 (36.8 %) 34.82 (34.2 %)
Q2 2017 411.84 (25.4 %) 51.63 27.5 % 15.73 207.7 %
Q3 2017 399.91 (1.6 %) 44.94 (39.2 %) 10.73 (73.0 %)
Q4 2017 336.07 90.7 % 46.76 264.2 % 13.99 147.0 %
Q1 2018 554.63 (8.3 %) 68.46 (7.7 %) 23.04 (33.8 %)
Q2 2018 460.75 11.9 % 55.98 8.4 % 17.36 10.4 %
Q3 2018 481.13 20.3 % 58.76 30.8 % 15.78 47.0 %
Q4 2018 415.85 23.7 % 60.87 30.2 % 13.75 (1.7 %)
Q1 2019 673.53 21.4 % 95.97 40.2 % 30.39 31.9 %
Q2 2019 533.76 15.8 % 80.79 44.3 % 28.05 61.6 %
Q3 2019 486.23 1.1 % 65.57 11.6 % 13.18 (16.4 %)
Q4 2019 282.89 (32.0 %) 45.48 (25.3 %) (7.12) (151.8 %)
Q1 2020 444.99 (33.9 %) 70.57 (26.5 %) 12.42 (59.1 %)
Q2 2020 170.92 (68.0 %) 21.11 (73.9 %) (16.15) (157.6 %)
Q3 2020 370.84 (23.7 %) 47.93 (26.9 %) (0.11) (100.8 %)
Q4 2020 291.69 3.1 % 43.37 (4.6 %) (20.07) (181.8 %)
Q1 2021 551.40 23.9 % 84.59 19.9 % 27.88 124.5 %
Q2 2021 475.40 178.1 % 75.48 257.6 % 20.17 224.9 %
Q3 2021 526.61 42.0 % 79.87 66.6 % 23.99 22111.9 %
Q4 2021 418.08 43.3 % 67.80 56.3 % 9.41 146.9 %
Q1 2022 614.52 11.4 % 99.17 17.2 % 30.06 7.8 %
Q2 2022 424.05 (10.8 %) 73.70 (2.4 %) 14.91 (26.1 %)
Q3 2022 573.94 9.0 % 85.20 6.7 % 26.50 10.5 %
Q4 2022 387.12 (7.4 %) 68.98 1.7 % 14.13 50.1 %
Q1 2023 496.33 (19.2 %) 79.13 (20.2 %) 25.12 (16.4 %)
Q2 2023 477.84 12.7 % 70.80 (3.9 %) 18.68 25.3 %
Q3 2023 577.00 0.5 % 82.82 (2.8 %) 25.71 (3.0 %)
Q4 2023 364.96 (5.7 %) 66.32 (3.9 %) 12.76 (9.7 %)
Q1 2024 545.53 9.9 % 93.68 18.4 % 32.07 27.7 %
Q2 2024 525.56 10.0 % 67.50 (4.7 %) 14.50 (22.4 %)
Q3 2024 625.90 8.5 % 69.60 (16.0 %) 16.90 (34.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 41.25 - 0.82 - 41.25 0.82
Q2 2015 22.50 - 0.45 - 22.50 0.45
Q3 2015 24.98 - 0.49 - 24.98 0.49
Q4 2015 11.84 - 0.23 - 11.84 0.23
Q1 2016 51.01 23.7 % 1.01 - 51.01 1.01
Q2 2016 (7.04) (131.3 %) (0.14) - (7.04) (0.14)
Q3 2016 28.75 15.1 % 0.57 - 28.75 0.57
Q4 2016 (0.77) (106.5 %) (0.02) 44.22 (44.98) (0.89)
Q1 2017 21.99 (56.9 %) 0.44 - 21.99 0.44
Q2 2017 6.42 191.3 % 0.13 - 6.42 0.13
Q3 2017 0.50 (98.3 %) 0.01 - 0.50 0.01
Q4 2017 2.63 443.3 % 0.05 - 2.63 0.05
Q1 2018 9.03 (58.9 %) 0.18 - 9.03 0.18
Q2 2018 4.85 (24.6 %) 0.10 - 4.85 0.10
Q3 2018 3.70 637.5 % 0.07 - 3.70 0.07
Q4 2018 0.09 (96.6 %) 0.00 - 0.09 0.00
Q1 2019 11.96 32.5 % 0.24 - 11.96 0.24
Q2 2019 12.16 150.9 % 0.24 - 12.16 0.24
Q3 2019 0.24 (93.7 %) 0.00 - 0.24 0.00
Q4 2019 (41.90) (46654.4 %) (0.83) (17.77) (24.13) (0.48)
Q1 2020 (1.61) (113.5 %) (0.03) - (1.61) (0.03)
Q2 2020 (66.17) (644.4 %) (1.31) (34.69) (31.48) (0.62)
Q3 2020 (18.82) (8107.2 %) (0.37) - (18.82) (0.37)
Q4 2020 (33.89) 19.1 % (0.67) - (33.89) (0.67)
Q1 2021 10.17 730.9 % 0.20 - 10.17 0.20
Q2 2021 8.00 112.1 % 0.14 - 8.00 0.14
Q3 2021 7.85 141.7 % 0.14 - 7.85 0.14
Q4 2021 (3.98) 88.3 % (0.07) - (3.98) (0.07)
Q1 2022 13.71 34.8 % 0.24 - 13.71 0.24
Q2 2022 8.51 6.3 % 0.15 - 8.51 0.15
Q3 2022 9.20 17.2 % 0.16 - 9.20 0.16
Q4 2022 2.75 169.1 % 0.05 - 2.75 0.05
Q1 2023 11.65 (15.0 %) 0.20 - 11.65 0.20
Q2 2023 7.23 (15.0 %) 0.13 - 7.23 0.13
Q3 2023 24.58 167.3 % 0.43 10.10 14.48 0.25
Q4 2023 (12.63) (560.0 %) (0.22) - (12.63) (0.22)
Q1 2024 27.98 140.2 % 0.49 - 27.98 0.49
Q2 2024 4.00 (44.7 %) 0.07 - 4.00 0.07
Q3 2024 (7.20) (129.3 %) (0.13) - (7.20) (0.13)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 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 %
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 %
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 %
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 %
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 %)
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 %
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 %
Q1 2023 16.32 % 6.40 % 1.71 %
Q2 2023 15.71 % 6.33 % 1.59 %
Q3 2023 15.57 % 6.18 % 1.86 %
Q4 2023 15.61 % 6.07 % 1.08 %
Q1 2024 15.96 % 6.23 % 1.89 %
Q2 2024 15.41 % 5.81 % 1.68 %
Q3 2024 14.41 % - 0.59 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 57.50 0.54 0.36 6.27
Q1 2024 57.50 0.82 0.64 5.58
Q2 2024 57.50 0.76 0.59 5.40
Q3 2024 57.50 0.21 0.21 5.24

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 26.48 39.38 2.27
Q1 2024 18.60 23.67 2.74
Q2 2024 20.47 26.58 2.90
Q3 2024 68.59 68.59 2.77

Business Segments (Million)

Compared With The
Period Wholesale sector Retail sector
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 425.18 52.65
Q3 2023 523.45 53.55
Q4 2023 305.37 59.59
Q1 2024 477.73 67.77
Q2 2024 470.74 54.85
Q3 2024 569.61 56.30

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