Gemfields has projected to record a net profit of $65-million for the year ended December 31, 2021, compared with a net loss of $93-million, a year earlier.
It said earnings per share is expected to be 4 cents for the year from a loss per share of 7 cents in 2020.
Gemfields’ two key operating assets, Montepuez Ruby Mining (MRM) in Mozambique and Kagem Mining in Zambia saw record-breaking auction results last year, generating revenues of $147.4 million and $91.8 million, respectively.
The company’s 2020 auction schedule was severely hampered by the many travel, quarantine and congregating restrictions put in place internationally to mitigate the spreading of the Covid-19 pandemic.
“Gemfields, therefore, had to adapt and find alternative ways of hosting gemstone auctions,” it said. “After the success of Gemfields’ inaugural series of smaller, multi-city, online-based auctions for high-quality emeralds in November and December 2020, Gemfields continued with the same format for its auctions of emeralds and rubies during 2021.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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