Sarine Technologies Ltd. develops, manufactures, markets and sells precision technology products for the processing, grading and trade of diamonds, utilised throughout the diamond industry value chain.
In 2021, some of Sarine’s milestones included Stargems of Dubai, Choron, Gem Auctions, Koin and others; HB Antwerp, Constell Group, Grib Diamonds either utilized Sarine’s products or partnered with the company. In a legal first, the court in Surat India issues an injunction against diamond manufacturer Rudra Diam, prohibiting any use of pirated Sarine Advisor® software.
During 2021 Sarine’s Financial Highlights Revenues for FY2021 increased by 51% to $ 62.1 million from US$ 41.0 mn in FY2020 due to the strong recovery. The Gross profit for FY2021 increased by 69% to $ 45.8 mn, as compared to $ 27.1 mn for FY2020, primarily due to higher revenues. For FY2021 the Group recorded a gross profit margin of 73.8%, better than the 66.1% realised in FY2020, due mainly to increased overall sales and product mix.
Due to the higher gross profit and with sales and marketing expenditures still not back to pre-pandemic levels due to travel restrictions and cancellation of trade shows, Sarine’s profit from operations for FY2021 grew significantly by 303% to $ 19.2 mn, as compared to $ 4.8 mn in FY2020.
For FY2021 the Group’s operating margin was 30.9% as compared to only 11.6% for FY2020. For FY2021 the Group reported a net profit of $ 16.5 mn, nearly 600% higher than the net profit of $ 2.4 mn realised in FY2020.
This was due to Sarine’s higher operational profitability. Sarine’s net profit margin for FY2021 was 26.5%, as compared to 5.8% for FY2020
The Group’s main objectives for 2022 are to continue the expansion of its presence in the upstream segment; explore new applications of our technologies to the streamlining of rough trading; grade stones for retail use; and continue its efforts to expand into the lab-grown diamond (LGD) market.
These objectives will both increase the company’s recurrent revenue stream and balance our business more evenly between the midstream manufacturing segment, mostly in India.
To attain these objectives, Sarine will focus its initiatives in 2022 including Focus the Group’s research and development initiatives as in Launch our new Sarine AutoScan™ system; Explore new applications for our technologies in the rough trade market.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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