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Sarine Net Profit Jumps to $16.5 Million in FY2021

The company attributes the increase in profits to higher operational profitability
Sarine diamond technologies offices
Credit: Sarine Technologies

Israel-based diamond tech company Sarine Technologies has published its financial performance for FY2021, reporting that revenue increased 51% year-on-year o $ 62.1 million “due to the strong recovery,” Rough & Polished reports.

 

Gross profit for FY2021 increased 69% year-on-year to $ 45.8 million “primarily due to higher revenues.” In addition, Sarine reported a net profit of $16.5 million – “nearly 600% higher than the net profit of $ 2.4 million realized in FY2020.” The company attributed the increase to its higher operational profitability.

 

The Group’s main objectives for 2022 are “to continue the expansion of its presence in the upstream segment; explore new applications of our technologies to the streamlining of rough trading; grade stones for retail use; and continue its efforts to expand into the lab-grown diamond (LGD) market.”

 

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