Petra Diamonds produced 3.4 million carats in the fiscal year 2022, which was in line with guidance, while its revenue grew 44% to a record $585.2 million.
The diamond group non-executive chairperson Peter Hill said their adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) more than doubled to $264.9 million with an adjusted EBITDA margin of 45%, driven by the strong revenue growth and our measures to improve profitability.
He said Petra’s adjusted earnings per share (EPS) jumped 219% to a record 42.93 US cents, reversing last year’s loss.
The group’s operational free cash flow rose 91% to $230 million.
“We are reaping the benefits of our focus on cash,” said Hill.
Petra had a consolidated net debt at year-end of $40.6 million, 82% down from last year’s $228.2 million.
Meanwhile, Hill said conditions in the diamond market markedly improved as demand resumed following the pandemic, particularly during the 2021/22 festive season and contributed to their 41.5% increase in year-on-year like-for-like rough diamond prices.
“The global constraints to production, as mines close or transition from open pit to underground, continues and underpins the structural supply deficit which is expected to persist for some time,” he said.
“While the effects of the current conflict in Ukraine have led to difficult economic conditions globally, diamond pricing to date has remained robust.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, in Zimbabwe, Rough&Polished
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