Sarine Technologies Ltd has announced its financial results for the six months ended 30 June 2022. Notwithstanding the challenging business environment, the Group has achieved robust results, with revenues only 13% lower than those reported in H1 2021 which was an exceptionally strong period in the midstream segment of the diamond value chain.
Under challenging conditions, the Group revenue declined from $36.0 mn in H1 2021 to $31.2 m in H1 2022. The new category of Trade-related revenues, within the overall recurrent revenues, grew by some 70% to approximately 11% of Group revenue in H1 2022, up from just under 6% in H1 2021. The more significant decline (-48%) in profitability in H1 2022 was mainly due to the lower sales and also the overall increase in operating expenses, as operations returned to their normal.
The Sarine Group delivered 32 Galaxy®-family inclusion mapping systems in H1 2022 with a significantly higher mix (12) of systems for scanning large stones, primarily to customers in Africa. As of June 30, 2022, the total installed base was 743 systems.
For H1 2022, the Board of Directors has declared an interim dividend of US 1.0 cent per ordinary share as per the stated dividend policy and a special interim bonus dividend of US 0.5 cent. The dividend is expected to be paid on 2 September 2022.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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