Petra Diamonds Company has decided not to declare a dividend for the 2016 financial year, as it did not fulfill the obligation on the distribution of funds associated with its debt for the 12 months to June 30, 2016.
Since Petra has not fulfilled its obligations on the distribution of funds, it did not give the lender permission to declare a dividend for the period under review.
Nevertheless, the company stated that it had all the forces working on the resumption of payment of profit to shareholders.
"By Petra tends to yield shareholders, and the resumption of dividend payments is a priority for the board of directors", - said Johan Dippenaar (Johan Dippenaar), Chief Executive Officer of Petra Diamonds.
Meanwhile, the group said that its revenue for the 2016 financial year increased by 1% to $ 430.9 million versus $ 425 million a year earlier due to an increase in sales volumes was primarily due to the implementation of the diamonds recovered from tailings on the Kimberley mine (Kimberley) . However, the pressure on the indices had lower prices for rough diamonds.
Adjusted EBITDA increased by 18% to $ 164.3 million versus $ 139.3 million last year, reflecting an adjusted EBITDA margin at 38%. According to the company, this is a high figure, given that the group is still in the process of transition from mining in the older parts of the mine to new areas with a high content of diamonds.
Net profit of group companies after tax also increased by 12%, to $ 66.8 million, versus $ 59.6 million a year earlier.
Petra reported that its diamond production increased by 16% to 3.7 million carats during the period under review, exceeding the company's own forecast of 3.6 - 3.65 million carats, due to the additional production of the mines of Kimberley, which were purchased in January of last year.
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