Petra’s Revenue Jumps 65% in FY 2021
Petra Diamonds’ revenue for the fiscal year (FY) 2021 has jumped 65% to $402.3 million, Rough & Polished reports. The rise was “driven by sales from exceptional stones contributing $62 million during the year.”
Petra’s carats sales increased 51% to 3.9 million carats, while rough diamond prices went up about 9% on a like for like basis. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 101% to $135.4 million.
Petra’s CEO Richard Duffy attributed the improved performance to a “strong recovery in the diamond market towards the end of the financial year” as well as record production at Cullinan and “the highest annual contribution to revenue from exceptional diamond sales.” Duffy added: “We enter FY 2022 with some momentum from a considerably strengthened balance sheet, ongoing optimisation of our asset base and a positive outlook for the diamond market.”