The Group realised 12% lower revenues in Q1 2023 as compared to Q4 2022, US$ 11.5M as compared with US$ 13.1M.
However, utilisation of its installed Galaxy® inclusion mapping systems remains robust, with an increase of some 40% in revenues, as compared to Q4 2022, during which the Diwali break occurred.
Trade-related revenues in Q1 2023 were up 12% overall as compared to Q4 2022, with a drop in digital tender related revenues, due to the decrease in the inflow of rough diamonds into the value chain, offset by higher revenues from other trade categories.
Due to the increase in recurring revenues as compared to capital equipment sales, which fell, overall recurring revenues were 65% of Group revenue in Q1 2023, as compared to 44% in Q4 2022.
Accordingly, the gross margin was over 71%, and the gross profit decreased only by 4%, as compared to Q4, 2022. Operational profitability was down 13%, in line with the drop in revenues.
However, as taxes in Q4 2022 were exceptionally high due to a one-time charge related to the drawing of a dividend from Sarin India to the parent company in Israel, net profit for Q1 2023 was US$ 0.8M, as compared to only US$ 0.1M in Q4 2022.
Alex Shishlo for Rough&Polished
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