L’Azurde H1 profit falls 51% on higher expenses

02/08/2018 Argaam Exclusive

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Lazurde Company for Jewelry (LAZURDE)

L’Azurde For Jewelry Co. reported a net profit of SAR 13.9 million for the first half of 2018, down 51.2 percent year-on-year (YoY) as operating expenses rose 11.7 percent YoY due to higher marketing costs, increased rental cost of retail expansion in Egypt and additional staff related costs in Saudi Arabia. Meanwhile, operating income decreased 20.1% YoY.

The company also noted a one-off cost for due diligences of a potential acquisition.

Financials (M)

Item	6m 2017	6m 2018	Change‬
Revenues	1,016.53	1,015.39	(0.1 %)
Gross Income	125.78	124.44	(1.1 %)
Operating Income	50.54	40.40	(20.1 %)
Net Income	28.41	13.87	(51.2 %)
Average Shares	50.51	50.51	-
EPS (Riyals)	0.56	0.27	(51.2 %)

Net profit for the second quarter was down 24.6 percent YoY driven by higher operating expenses, and a one-off cost for due diligences of a potential acquisition.

Compared to the previous quarter, the Q2 profit fell 46.3 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2017	Q2 2018	Change‬
Revenues	411.84	460.75	11.9 %
Gross Income	51.63	55.98	8.4 %
Operating Income	15.73	17.36	10.4 %
Net Income	6.42	4.85	(24.6 %)
Average Shares	50.51	50.51	-
EPS (Riyals)	0.13	0.10	(24.6 %)

Item	Q1 2018	Q2 2018	Change‬
Revenues	554.63	460.75	(16.9 %)
Gross Income	68.46	55.98	(18.2 %)
Operating Income	23.04	17.36	(24.7 %)
Net Income	9.03	4.85	(46.3 %)
Average Shares	50.51	50.51	-
EPS (Riyals)	0.18	0.10	(46.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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
2017	1,752.51	(13.2 %)	217.48	(11.1 %)	31.54	(56.2 %)	0.62
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2017	1,752.51	(13.2 %)	217.48	(11.1 %)	31.54	(56.2 %)	0.62

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2017	11.53 %	2.60 %	(1.01 %)
Q4 2017	12.41 %	4.87 %	1.80 %
2017	12.41 %	4.87 %	1.80 %
Q1 2018	12.44 %	4.33 %	1.09 %
Q2 2018	12.34 %	4.32 %	0.97 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2017	12.41 %	4.87 %	1.80 %

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	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 %
Q3 2017	11.24 %	3.29 %	0.13 %
Q4 2017	13.91 %	4.95 %	0.78 %
Q1 2018	12.34 %	4.64 %	1.63 %
Q2 2018	12.15 %	4.35 %	1.05 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2017	50.51	0.62	0.62	8.05

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

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	14.72	38.19	2.63
2017	28.54	28.54	2.21

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

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
2017	1,639.99	112.52

Financial Ratios

	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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L’Azurde H1 profit falls 51% on higher expenses

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Share Price

Lazurde Company for Jewelry (LAZURDE)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q2

Financial Ratios

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L’Azurde H1 profit falls 51% on higher expenses

View other reports

Share Price

Lazurde Company for Jewelry (LAZURDE)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2018

Revenue by Business Segment (Latest) 2018 Q2

Financial Ratios

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Business Segments (Million)