Petra Diamonds’ revenue for the fiscal year (FY) 2021 rose 65% to $402.3 million compared to $243.3 million, a year earlier driven by sales from exceptional stones contributing $62 million during the year.
It said diamonds sold for the year increased 51% to 3,9 million carats from the previous year’s 2,6 million carats, excluding Williamson, while rough diamond prices realised by Petra increased by about 9% on a like for like basis.
Adjusted EBITDA increased 101% to $135.4 million compared with $67.3 million in 2020, representing an adjusted EBITDA margin of 34%, reflecting better overall pricing.
“The strong recovery in the diamond market towards the end of the financial year, that has continued into the current quarter, further bolstered our improved financial position,” said Petra chief executive Richard Duffy.
“Record production at Cullinan, driven by Project 2022 throughput initiatives, as well as the highest annual contribution to revenue from exceptional diamond sales, resulted in a 65% improvement in revenue to US$402.3 million and contributed to operational free cash flow of $120.1 million for FY 2021.”
He said although the group production for the year was negatively impacted by production challenges at both Finsch and Koffiefontein, they are confident that the post-year-end re-engineering projects currently underway will lead to improved production and margins at both operations during the fiscal year 2022.
“We enter FY 2022 with some momentum from a considerably strengthened balance sheet, ongoing optimisation of our asset base and a positive outlook for the diamond market,” said Duffy.
“FY 2021 was a watershed year for Petra. Besides the challenges of the COVID-19 pandemic, we completed a capital restructuring which, together with the sale of several exceptional blue and white diamonds from the Cullinan mine, served to reduce consolidated net debt by around two thirds to $228.2 million.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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