Lazurde Company for Jewelry announces its Interim Financial results for the Period Ending on 2025-03-31 ( Three Months )

1. Group total revenues, including gold metal value, were SAR 721.2 million in the first quarter of 2025, an increase of 35.6% compared to SAR 531.7 million in the same quarter of last year.

2. Group operating revenues, which better represent revenues of the Group after excluding gold metal value and its price increase, amounted to SAR 160.5 million in the first quarter of 2025, an increase of 12.2% compared to SAR 143.0 million in the same quarter of last year.

Group revenues from retail channel increased by 23% compared to the same quarter of last year due to growth in the like-for-like stores of the existing stores and the extension of the store’s network.

In KSA, retail operating revenues were 45% higher than last year due to growth in like-for-like sales of the existing stores and the extension of the store’s network by opening 7 new stores in top locations in the last 12 months.

In Egypt, Retail operating revenues grew by 43% in EGP terms and slightly decreased by 6% in SAR, supported by growth in sales of the existing stores and opening of 4 new stores in top locations in the last 12 months.

Alos in Egypt, the group continues its success as wholesale operating revenues increased by 71% in EGP terms and by 23% in SAR when compared to the same quarter of last year, due to strong sales of L’azurde gold jewelry in traditional gold souks.

1. Group gross profit from operations of SAR 96.8 million was higher by 6.2% when compared to SAR 91.1 million in the same quarter of last year due to higher operating revenues.

2. Group operating profit of SAR 25.7 million was lower by 19.9%, when compared to SAR 32.1 million in the same quarter of last year due to an increase in the provision for Accounts Receivable, driven by the rise in their value with the increase in gold prices.

3. Net profit amounted to SAR 13.3 million compared to SAR 28.0 million in the same quarter of last year, a decrease of 52.5% due to one-off net exchange gain in the first quarter of 2024 of around SAR 20 million on one of its liability accounts denominated in EGP due to EGP devaluation.

4. Basic Earnings per Share (“EPS”) was SAR 0.23 compared to SAR 0.49 in the same quarter of last year

5. Total Shareholders’ Equity on 31 March 2025 was SAR 293.3 million compared to SAR 320.6 million on 31 March 2024, a decrease of 8.5%, due to payment of SAR 17.3 million dividends last year, and a negative movement in the Currency Translation Reserve due to unrealized foreign exchange differences on investment in Egypt. It is worth mentioning that the Currency Translation Reserve is a non-cash item that arises on consolidation only and fluctuates with the fluctuation of the foreign exchange rates and it has no real impact on the company's financial position. Total Shareholders’ Equity excluding the Currency Translation Reserve amounted to SAR 657.4 million compared to SAR 677.2 million on 31 March 2024.

2. Operating revenues of SAR 160.5 million for the first quarter of 2025 were higher than fourth quarter of 2024 by 66% of SAR 96.7 million due to seasonality.