24th Mar 2023 08:09
(Alliance News) - Gemfields Group Ltd on Friday reported that its performance in 2022 was "remarkable", as the coloured gemstone market returned to normality after the Covid-19 pandemic that hit in 2020.
The London-headquartered gemstones supplier said its revenue exceeded the USD300 million mark for the first time, rising by 32% to USD341 million in 2022 from USD257.7 million in 2021.
Gemfields mines emeralds, rubies and sapphires. It said this record top-line growth was due to the Kagem emerald mine and Montepuez Ruby Mining in Mozambique, as well as Faberge, its luxury brand.
Earnings before interest, tax, depreciation and amortisation increased by a quarter to USD166 million.
For 2022, pretax profit rose by 9.8% to USD114.6 million from USD104.4 million.
Gemfields declared a final dividend of 2.9 US cents, up 71% from 1.7 cents.
"2022 has been a remarkable year for Gemfields Group Ltd, with a dramatic recovery as we returned to normality after the Covid-19 pandemic," Chief Executive Sean Gilbertson said.
"The coloured gemstone market has seen strong demand after the Covid-19 pandemic, with prices paid for uncut emeralds and rubies reaching remarkable levels during the first half of 2022."
Looking ahead, Gemstone said it remained concerned about the warning signs emanating from the global economy, as well as by the insurgency in Mozambique. This is by militants linked to the Islamic State group.
Shares in Gemfields were up 5.0% to ZAR3.98 on Friday morning in Johannesburg. In London, they were up 5.1% to 17.87 pence.
By Artwell Dlamini, Alliance News reporter
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