Lazurde Company for Jewelry reported net loss after Zakat and tax of SAR 67.8 million for the first half of 2020, versus net profit of SAR 24.1 million in year-earlier period, driven by a slump of 33.4% in the group's total revenue.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 1,207.29 | 615.91 | (49.0 %) |
| Gross Income | 176.77 | 91.68 | (48.1 %) |
| Operating Income | 58.44 | (3.73) | (106.4 %) |
| Net Income | 24.12 | (67.78) | (381.1 %) |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | 0.48 | (1.34) | (381.1 %) |
Lazurde also cited 42.9% lower operating revenue, in addition to a 57.3% fall in wholesale revenue from KSA operations.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 533.76 | 170.92 | (68.0 %) |
| Gross Income | 80.79 | 21.11 | (73.9 %) |
| Operating Income | 28.05 | (16.15) | (157.6 %) |
| Net Income | 12.16 | (66.17) | (644.4 %) |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | 0.24 | (1.31) | (644.4 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 444.99 | 170.92 | (61.6 %) |
| Gross Income | 70.57 | 21.11 | (70.1 %) |
| Operating Income | 12.42 | (16.15) | (230.1 %) |
| Net Income | (1.61) | (66.17) | (4,005.0 %) |
| Average Shares | 50.51 | 50.51 | - |
| EPS (Riyals) | (0.03) | (1.31) | (4,005.0 %) |
The jewelry maker reported net loss after Zakat and tax of SAR 66.2 million in Q2 2020, versus net profit of SAR 12.2 million in year-earlier period, due to a 68% drop in gross revenue and a 63.1% plunge in gross operating revenues.
On a quarter-on-quarter basis, the company widened losses, compared to SAR 1.6 million in Q1 2020.
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