Saudi: Lazurde logs nearly $6.66mln profits in 9M-24 interim results

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Riyadh – Lazurde Company for Jewelry generated 42.98% lower net profits at SAR 24.80 million in the first nine months (9M) of 2024, compared to SAR 43.50 million in 9M-23.

Revenues amounted to SAR 1.69 billion in 9M-24, up 9.51% from SAR 1.54 billion during the same period in 2023, according to the interim financial results.

The earnings per share (EPS) dropped to SAR 0.43 as of 30 September 2024 from SAR 0.76 in 9M-23.

Financials for Q3-24

In the third quarter (Q3) of 2024, the Saudi firm turned to net losses valued at SAR 7.20 million, compared to net profits of SAR 24.60 million in Q3-23.

Lazurde posted revenues worth SAR 625.90 million in July-September 2024, an annual rise of 8.47% from SAR 577 million.

Quarterly, the Q3-24 revenues hiked by 19.08% from SAR 525.60 million in Q2-24. The company shifted to net losses when compared to net profits of SAR 4 million.

In the three-month period that ended on 31 March 2024, Lazurde logged 141.37% YoY higher profits at SAR 28 million, compared to SAR 11.60 million.