Sarine’s H1 2024 Revenues Down 7.8% YoY


Sarine’s H1 2024 revenues down 7.8% YoY


Sarine Technologies announce its financial results for the six months ended 30 June (1H) 2024. In the Review of H1 2024, Sarine said market conditions remained challenging for the natural diamond manufacturing industry in the first half of 2024.

Continued weak demand from China (the second biggest market for diamond jewellery) and the ongoing but slowing lab-grown diamond (LGD) disruption in the U.S. market (more below) impaired demand for rough natural diamonds and consequently slowed manufacturing activities.

The Group reported revenues of US$21.9 million in H1 2024, down 7.8% from the corresponding period last year. Due to less than favourable conditions for natural diamond manufacturing, sales of traditional capital equipment declined 37% but this was offset by an 11% increase in recurring revenues, which comprise over 70% of overall revenues.

Trade-related recurring revenues, which exclude manufacturing related recurring revenues (like Galaxy inclusion scanning), grew about 44% and accounted for 26% of overall revenues in H1 2024, up from 17% in H1 2023.

Revenues from LGD-related services in H1 2024 grew significantly, and we believe we are on target to generate 15-20% of annual revenues from this segment by year’s end. Group net profit rose 7.2% to US$1.02 million in H1 2024. Together with active business streamlining and prudent management of expenses, we have enhanced our profitability and strategic position for longer-term growth.

Although near-term challenges persist in the rough diamond market, our strategic initiatives are designed to foster long-term growth and a stronger market position for Sarine as we expand our services offerings for both the natural stone and LGD markets.

For H1 2024, the Board of Directors has recommended an interim dividend of 0.75 US cent per ordinary share & the dividend is expected to be paid on 12 September 2024.

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