GEMFIELDS IS PLEASED TO ANNOUNCE THE COMPANY’S FINANCIAL RESULTS FOR THE SIX MONTHS TO 30 JUNE 2024
1st October 2024
Total revenue for the six months to 30 June 2024 is USD 128.0 million. EBITDA for the six months to 30 June 2024 of USD 49.6 million (an EBITDA margin of 38.8% for the Group). Free cash flow before working capital movements for the six months to 30 June 2024 of USD 3.3 million due primarily to a significant investment programme. The group’s net debt position on 30 June 2024 was USD 44.4 million (before USD 65.5 million of auction receivables, which are now 100% collected.
CEO’s Statement: Balancing Investments and Cash Availability
Sean Gilbertson, CEO of Gemfields, commented:
Progress at Kagem and Montepuez Mines
“Gemfields is working through a complex year, balancing the availability of cash with the considerable investments we’re making at the Kagem emerald mine (“Kagem”) in Zambia, the Montepuez ruby mine (“MRM”) in Mozambique and our development assets.
“The construction of MRM’s USD 70 million second processing plant is materially on time and within budget for completion by the end of H1 2025…”
Increased Revenues and Auction Performance
“Walking this narrow path is difficult, but there is genuine excitement among our management and team members about the position we aim to be in 12 months’ time and the increased revenues arising after the completion of our ongoing investments.
“In the first half of 2024, Gemfields conducted two emerald auctions…”
Auction Results and Market Outlook
“The weakness seen at our September commercial-quality emerald auction brings some uncertainty, but we consider it unlikely that the November higher-quality emerald auction or the December mixed-quality ruby auction will yield below-par results…”
Gemfields’ Market Leadership and Responsibility
“We are confident that we provide the market with the leading selection of graded emeralds and rubies worldwide and operate in a way that brings material value to the countries of origin in a responsible manner…”
Financial and Operating Results
Dividends paid in the periods (USD 10 million dividend paid in June 2024 and USD 35 million dividend paid in May 2023), rounded to two decimal points.
Summary and Shareholder Advisory
The content of this short-form announcement is the responsibility of the Board. Shareholders are advised that this short-form announcement represents a summary of the information contained in the full announcement and does not contain full or complete details of the financial results…
Shareholder and Analyst Webcast
There will be a shareholder and analyst webcast today at 09:00 am (UK) / 10:00 am (South Africa)…
Further Information
Further information on Gemfields Group Limited can be found at G E M F I E L D S G R O U P . C O M
Additional Information on Gemfields:
Gemfields is a world-leading responsible miner and marketer of coloured gemstones…
Gemfields’ outright ownership of Fabergé – an iconic and prestigious brand of exceptional heritage…
