GEM DIAMONDS just released their 2014 Full Year results.

You may obtain the report clicking here.

The company’s news release states that:

During 2014, Gem Diamonds demonstrated a strong operational performance, delivering on a number of strategic objectives, resulting in a robust financial position and maiden dividend. The Company continued to focus on enhancing operational efficiencies and investing in innovative technologies at both Letšeng and Ghaghoo, delivering improved earnings and positioning Gem Diamonds for long term sustainable growth.

FINANCIAL RESULTS

• Revenue US$271 million, up 27 %
• Underlying EBITDA US$104 million, up 35 %
• Attributable net profit US$33 million, up 57 
• Basic EPS 24 US cents, up 57 %
• Cash on hand US$111 million as at 31 December 2014 (net after debt); (US$99.4 million attributable to Gem Diamonds)

OPERATIONAL HIGHLIGHTS

LETŠENG:

• Carats recovered of 108 569
• Average of US$2 540 per carat
• Tonnes treated of 6.4 million
• Waste tonnes moved of 19.8 million

GHAGHOO:

• The Phase 1 capital project has been completed on time and on budget
• Final commissioning and optimisation of the plant is in progress
• A total of 10 167 carats recovered during commissioning, (including a 20 carat white diamond, a 17 carat white diamond and a three carat orange diamond)

DIVIDEND

• 5 US cents per share
• Total dividend of US$6.9 million
• Record date: 8 May 2015
• Payment date: 9 June 2015

To read the news release in full, please click on the following link.