Business
Full Year Results
Full Year Results.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \n \n \n Thursday, 16 March 2023\n \n \n \n \n \n Gem Diamonds Limited\n \n \n Full Year 2022 Results\n \n \n \n \n \n Gem Diamonds Limited (LSE: GEMD) (\"Gem Diamonds\", the \"Company\" or the \"Group\") announces its Full Year Results for the year ending 31 December 2022 (the \"Period\").\n \n \n \n \n \n FINANCIAL RESULTS:\n \n \n ·\n Revenue of US$188.9 million (US$201.9 million in 2021)\n \n \n ·\n Underlying EBITDA of US$43.7 million (US$57.4 million in 2021)\n \n \n ·\n Profit for the year of US$20.2 million (US$27.4 million in 2021)\n \n \n ·\n Attributable profit of US$10.2 million (US$14.8 million in 2021)\n \n \n ·\n Earnings per share of 7.3 US cents (10.5 US cents in 2021)\n \n \n ·\n Cash on hand of US$8.7 million as at 31 December 2022 (US$7.9 million attributable to Gem Diamonds)\n \n \n \n \n \n OPERATIONAL RESULTS:\n \n \n Letšeng\n \n \n ·\n Carats recovered of 106 704 (115 336 carats in 2021)\n \n \n ·\n Waste tonnes mined of 10.2 million tonnes (18.7 million tonnes in 2021)\n \n \n ·\n Ore treated of 5.5 million tonnes (6.2 million tonnes in 2021)\n \n \n ·\n Average value of US$1 755 per carat achieved (US$1 835 in 2021)\n \n \n ·\n The highest dollar per carat achieved for a white rough diamond during the year was US$53 834 per carat\n \n \n \n \n \n Safety performance\n \n \n Letšeng's safety performance improved in 2022 with the implementation of an organisational safety culture maturity programme yielding positive results. Letšeng recorded zero fatalities and three LTIs during 2022 (2021: six), resulting in an improved LTIFR and AIFR of 0.13 (2021: 0.24) and 0.70 (2021: 0.93), respectively.\n \n \n \n \n \n Financial performance\n \n \n The Group delivered a solid financial performance in 2022 despite the volatile global economic environment following Russia's invasion of Ukraine which caused high levels of inflation and interest rates and significantly increased diesel prices. The consumption of diesel was further increased by the grid electricity interruption due to load shedding by Eskom. Several initiatives were implemented to reduce costs, drive efficiencies and effectively managed increased operating costs.\n \n \n \n \n \n Operational performance\n \n \n...