Sarine Technologies Ltd, a worldwide leader in the development, manufacturing, marketing and sale of precision technology products and services for the evaluation has announced its financial results for the six months ended 30 June 2020 through a press release.
The Group recorded strong sales of capital equipment and service income in India before the March lockdown, coupled with aggressive cost management since the onset of Covid-19, was able to report revenues of $22.4 mln and net profit of $1.2 mln in H1 2020. This compares favourably with revenues of $22.5 mln and a net loss of $2.8 mln reported in H1 2019.
The deliveries of Galaxy®-family systems in the first three months of H1 2020 boosted the Group’s capital equipment sales. A total of 59 Galaxy®-family inclusion mapping systems were delivered in H1 2020 ---a record 50 in Q1 2020 and 9 in Q2 2020--- comprising 37 Meteorites™, 15 Meteors™, 6 Solaris™ and 1 Galaxy® Ultra model.
All but one of these systems were delivered in India and over two-thirds of them were sold under the one-off paradigm with no follow-on per use revenues.
As of 30 June 2020, Sarine has 614 Galaxy® -family systems in their installed base. The cessation of midstream diamond polishing activities during the lockdown and government restricted operations thereafter throughout the second half of H1 2020 resulted in a 40% decline in recurring revenues from inclusion mapping activities in H1 2020.
Total recurring revenues for H1 2020 were over 35% of group revenue. The polished diamond retail-related revenues derived from Sarine Profile™ and its various components were approximately 2.5% of the overall revenue for H1 2020.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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