Gemfields registered a 25% year-on-year increase in earnings before interest, taxes, depreciation and amortisation (EBITDA) to $166 million for the year ended December 31, 2022, compared to $133 million, a year earlier.
Its revenue for the year grew 32% to $ 341 million from $257 million in 2021, predominantly from the sale of rough emeralds and rubies.
The Kagem mine, in Zambia, raked in auction revenues of $ 149 million last year, while the Montepuez mine generated $ 167 million of auction revenue despite the insurgency in northern Mozambique.
Gemfields said its profit after tax rose 14% to $ 74.2 million compared to just under $ 65 million in 2021.
The company’s board approved a final dividend of $ 35 million, which follows an interim dividend of $ 15 million for the first half of the 2022 financial year.
Gemfields said Kagem produced 37.2 million carats from 32 million carats in 2021.
It registered a grade of 161 carats per tonne, with a remarkable output of 259,501 carats of premium emerald, the highest since 2012.
Montepuez produced 2.6 million carats of ruby and corundum during the year compared to 3.3 million carats, a year earlier.
The overall ore grade realised during 2022 was 2.3 carats per tonne from 3.3 carats per tonne in 2021.
The marginal reduction in grade was attributed to processing a higher volume than during the nine months of operations in 2021.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Its revenue for the year grew 32% to $ 341 million from $257 million in 2021, predominantly from the sale of rough emeralds and rubies.
The Kagem mine, in Zambia, raked in auction revenues of $ 149 million last year, while the Montepuez mine generated $ 167 million of auction revenue despite the insurgency in northern Mozambique.
Gemfields said its profit after tax rose 14% to $ 74.2 million compared to just under $ 65 million in 2021.
The company’s board approved a final dividend of $ 35 million, which follows an interim dividend of $ 15 million for the first half of the 2022 financial year.
Gemfields said Kagem produced 37.2 million carats from 32 million carats in 2021.
It registered a grade of 161 carats per tonne, with a remarkable output of 259,501 carats of premium emerald, the highest since 2012.
Montepuez produced 2.6 million carats of ruby and corundum during the year compared to 3.3 million carats, a year earlier.
The overall ore grade realised during 2022 was 2.3 carats per tonne from 3.3 carats per tonne in 2021.
The marginal reduction in grade was attributed to processing a higher volume than during the nine months of operations in 2021.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
