Sarine Technologies Ltd has announced its financial results for the year ended 31 December 2020. The Covid-19 virus severely affected the Group's operations for most of FY2020.
The Group recorded revenue of $41.0 mn in FY2020, a decline of 20% from the $51.3 mn achieved in FY2019. The revenue of $22.4 mn in H1 2020 reflected a strong Q1 2020 with robust capital equipment sales and Galaxy® scanning service income, followed by a sharp drop in revenue in Q2 2020 with the onset of the pandemic.
Revenue of $18.6 mn in H2 2020 comprised a weak Q3 2020 and a strong rebound in Galaxy® scanning service income in Q4 2020. The Group’s operating expense reduced by 22% in FY2020 as compared to FY2019. Due to the cost reductions implemented in FY2020, coupled with the product mix, the loss of $1.4 mn in FY2019 was reversed to a net profit of $2.4 mn in FY2020.
Net profit in H1 2020 and H2 2020 was similar at $1.2 mn, with H1 2020 benefiting from a strong Q1 2020 and H2 2020 from cost reductions and the strong rebound in Galaxy® scanning service income in Q4 2020. A final dividend of US 0.5 cent, subject to Annual General Meeting approval, was declared.
The total recurring revenues for FY2020 (including Galaxy® -related scanning, Quazer® services, polished diamond-related services and annual maintenance contracts) was approximately 50% of Group revenue.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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