trending Market Intelligence /marketintelligence/en/news-insights/trending/rrnlcntAMvgmlzpANefbbw2 content esgSubNav
In This List

L'azurde for Jewelry Q2 profit falls YOY

Podcast

Next in Tech | Episode 66: Connected vehicles in transition

Blog

Gold - Geopolitical tensions and inflation remain key drivers

Blog

Lithium and Cobalt - Softer demand weighs on prices

Podcast

Street Talk | Episode 94: Recessionary fears in ’22 overblown, Fed could overtighten


L'azurde for Jewelry Q2 profit falls YOY

L'azurde Co. for Jewelry said its normalized net income for the second quarter amounted to 33 halalas per share, a decrease of 12.7% from 38 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.3 million riyals, a decline of 12.7% from 16.4 million riyals in the prior-year period.

The normalized profit margin declined to negative 0.6% from 2.1% in the year-earlier period.

Total revenue fell 27.8% year over year to 552.2 million riyals from 764.5 million riyals, and total operating expenses declined 28.8% year over year to 519.0 million riyals from 729.0 million riyals.

Reported net income decreased 5.1% on an annual basis to 21.4 million riyals, or 50 halalas per share, from 22.5 million riyals, or 52 halalas per share.

As of Aug. 1, US$1 was equivalent to 3.75 Saudi Arabian riyals.