Saudi: Lazurde’s Q1-23 profits skyrocket over 329.5% on quarterly basis

The net profits after Zakat and tax of Lazurde Company for Jewelry amounted to SAR 11.60 million during the first quarter (Q1) of 2023.

The recorded net profits were lower by 15.33% year-on-year (YoY) than SAR 13.70 million, according to the initial financial results.

Lazurde generated revenues valued at SAR 496.30 million in January-March 2023, an annual drop of 19.23% from SAR 614.50 million.

Earnings per share (EPS) retreated to SAR 0.20 during Q1-23 from SAR 0.24 in the year-ago period.

On a quarterly basis, the Q1-23 net profits hiked by 329.63% from SAR 2.70 million in Q4-22, while the revenues climbed by 28.21% from SAR 387.10 million.

During the 12-month period that ended on 31 December 2022, the firm registered SAR 34.20 million in net profits after Zakat and tax, up 55.45% YoY from SAR 22 million.

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