Namib Desert Diamond (Pty) Ltd (NAMDIA), released its audited Annual Report for the financial period 2021/2022 and announced its dividend declaration on 24 October 2022.
In a statement, NAMDIA stated that after two particularly challenging years shaped by the COVID-19 pandemic, the remarkable recovery of the diamond industry came as a welcome relief. The period of 2021/22, however, saw NAMDIA continuing to improve operational efficiency and refine business strategy in order to remain relevant to customers and shareholder.
NAMDIA performed well during the 2021/2022 financial year. Profit after tax amounted to N$144.7 million, compared to N$13.3 million the previous year.
Below is an overview of NAMDIA’s performance:
- N$ 150 million dividend declared to the Shareholder, the Government of the Republic of Namibia. · Profit after tax amounted to N$144.7 million, compared to N$13.3 million the previous year.
- 10 Sales conducted in 2021/2022 financial year.
- In line with the recovery in the industry, NAMDIA margins improved to 7.0 percent above the 100 percent SSV during the period.
- NAMDIA purchase volumes totalled 222,978 carats, an increase of 53.8 percent compared to the previous year.
- Sales revenue increased by 78.7 percent to US$128 million.
- The buying average carat price was US$536.55 compared to the selling average carat price of US$574.21.
- 36 New Clients Selected for 2022/2023 – 2025/2026.
- N$218 million Profit before tax for 2021/2022 financial year.
- N$40 million Dividend paid to shareholder on 05 November 2021 based on 2020/2021 financial year.
- N$ 244,840 invested in staff training and development.
- NAMDIA is in a very sound financial position, with cash reserves amounting to N$395 million at year end. Reserves are maintained for future expansion of activities and as required collateral for banking facilities in the absence of a Government guarantee.
- NAMDIA purchases its 15 percent entitlement from Namibia Diamond Trading Company (NDTC) using a revolving overdraft facility which settles upon the sale of goods.
The US Dollar banking facility with RMB Namibia was renewed in December 2021 at US$27 million and is secured by collateral of a 12-month Fixed Deposit placed with RMB for N$145 million. The facility incurs interest at a credit margin above LIBOR.
Since NAMDIA’s inception in 2016, the institution has invested over N$30 million in various corporate social responsibility (CSR) initiatives. The purpose of the NAMDIA Foundation is to alter the very social and economic fabric of the nation through empowering initiatives in the focus areas of Education, Health and Sports.
The NAMDIA Foundation is devoted to making significant contributions towards the advancement and prosperity of Namibians through its various impact programs.
“Namib Desert Diamonds (Pty) Ltd remains committed to executing our carefully crafted strategy, maintain a disciplined approach to our mandate and sales strategy, and growing our returns.
“As we embark on our new 5-year horizon expansion plan, NAMDIA’s association and commitment to its Corporate Governance guidelines will ensure our transformation into a sterling example, sustainable institution and global premium diamond trader of ethically sourced Namibian Diamonds,” said NAMDIA’s spokesperson Ms Beverley Coussement.
In the photo: A checque of N$150,000,000-00 was handed over to the Government of Namibia, the shareholder of NAMDIA.