L’Azurde net profit falls 44% in 2018

10/03/2019 Argaam Exclusive

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Lazurde Company for Jewelry (LAZURDE)

L’Azurde for Jewelry Co. (L’Azurde) reported a net profit after zakat and tax of SAR 17.7 million for fiscal year 2018, a 43.8 percent year-on-year (YoY) decrease, due to higher operating expenses and higher cost of finance.



Financials (M)

Item 2017 2018 Change‬
Revenues 1,752.51 1,912.36 9.1 %
Gross Income 217.48 244.08 12.2 %
Operating Income 75.27 69.93 (7.1 %)
Net Income 31.54 17.67 (44.0 %)
Average Shares 50.51 50.51 -
EPS (Riyals) 0.62 0.35 (44.0 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 336.07 415.85 23.7 %
Gross Income 46.76 60.87 30.2 %
Operating Income 13.99 13.75 (1.7 %)
Net Income 2.63 0.09 (96.6 %)
Average Shares 50.51 50.51 -
EPS (Riyals) 0.05 0.00 (96.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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 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
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)
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
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
Q4 2018 415.85 23.7 % 60.87 30.2 % 0.09 (96.6 %) 0.00
2018 1,912.36 9.1 % 244.08 12.2 % 17.67 (44.0 %) 0.35

Profitability

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 - - -
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 %
2018 12.76 % 4.27 % 0.92 %


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
Q4 2018 50.51 0.35 0.35 8.44

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
Q4 2018 44.33 44.33 1.84

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
Q4 2018 374.45 41.39

Current
Market Cap (M Riyal) 931.50
Enterprise Value (EV) (M) 2,103.40
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) 25.12
P/E (TTM) 19.74
Price/book 2.91
Return on Average Assets (%) (TTM) 2.7
Return on Average Equity (%) (TTM) 13.5

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