Sarine Technologies Ltd has announced its financial results for the six months ended 30 June 2023.
With a decline in the sale of polished diamonds and the subsequent reduction of rough diamonds in the pipeline, the midstream affected fewer manufacturing activities, leading to Sarine's traditional business of selling capital equipment and its inclusion scanning services being negatively affected.
As a result, Sarine Group's revenue and net profit fell 24% and 85% to $23.7 mn and $1.0 mn respectively in H1 2023. Trade-related revenues accounted for about 17% of its overall revenue in H1 2023 as compared to 11% in H1 2022.
The decline in profitability in H1 2023 was mainly due to lower revenue, a lower gross profit margin resulting from lower revenue and product mix, and stable operating expenses.
For H1 2023, the Board of Directors has recommended an interim dividend of $0.25 per ordinary share and the dividend is expected to be paid on 14 September 2023.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
