Lazurde Company for Jewelry (Lazurde) reported a net loss after Zakat and tax of SAR 1.6 million for the first quarter of 2020, compared to a net profit of SAR 12 million in the same period last year.
The net loss was attributed to a 5.9% decline in revenues, as wholesale revenues in Saudi Arabia fell 45.7% due to the impact of COVID-19 measures. However, retail revenues in Egypt rose by 9.7%.
The company also reported an 11.3% decline in operating expenses.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 673.53 | 444.99 | (33.9 %) |
| Gross Income | 95.97 | 70.57 | (26.5 %) |
| Operating Income | 30.39 | 12.42 | (59.1 %) |
| Net Income | 11.96 | (1.61) | (113.5 %) |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | 0.24 | (0.03) | (113.5 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 282.89 | 444.99 | 57.3 % |
| Gross Income | 45.48 | 70.57 | 55.2 % |
| Operating Income | (7.12) | 12.42 | 274.4 % |
| Net Income | (41.90) | (1.61) | 96.2 % |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | (0.83) | (0.03) | 96.2 % |
When compared to Q4 2019, net loss after Zakat and tax narrowed by 96%, driven by a 32.9% rise in operating revenues.
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