Business
Half Year 2024 Results
Half Year 2024 Results.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n\n\nThursday, 29 August 2024\n \nGem Diamonds Limited\nHalf Year 2024 Results\n \nGem Diamonds Limited (LSE: GEMD) (\"Gem Diamonds\", the \"Company\" or the \"Group\") announces its Half Year Results for the six months ended 30 June 2024 (the \"Period\").\n \nFINANCIAL RESULTS:\n· Revenue of US$78.0 million (H1 2023: US$71.8 million)\n· Underlying EBITDA of US$19.1 million (H1 2023: US$8.4 million)\n· Profit for the Period of US$5.5 million (H1 2023: US$1.5 million)\n· Attributable profit of US$2.1 million (H1 2023: loss of US$1.0 million)\n· Earnings per share of 1.5 US cents (H1 2023: loss per share of (0.7) US cents)\n· Cash on hand of US$30.0 million as at 30 June 2024 (US$21.6 million attributable to Gem Diamonds) and unutilised facilities of US$54.9 million\n· Net debt of US$8.4 million (31 December 2023: US$21.3 million)\n \nOPERATIONAL RESULTS:\nLetšeng\n· Three lost time injuries\n· Recovered 55 873 carats (H1 2023: 50 601 carats)\n· Waste tonnes mined of 3.2 million tonnes (H1 2023: 4.8 million tonnes)\n· Ore treated of 2.5 million tonnes (H1 2023: 2.5 million tonnes)\n· Average value of US$1 366 per carat achieved (H1 2023: US$1 373 per carat)\n· The highest dollar per carat achieved for a white rough diamond during the Period was\nUS$41 007 per carat\n \nSafety performance\nLetšeng recorded three LTIs during the Period (2023: two), resulting in an LTIFR and AIFR of 0.36 (2023: 0.10) and 0.60 (2023: 0.67), respectively. Each of the LTIs in the Period had minor consequences and were fully investigated with corrective actions to prevent repeat occurrences implemented.\n \nDiamond market\nThe diamond market remains under significant pressure which has negatively impacted prices achieved during the Period. An increase in both the number of larger than 100 carat diamonds and overall diamond recov...