Sarine Revenue Slips as Ukraine War Continues
August 09, 22
(IDEX Online) - Sarine reported a 13 per cent drop in first-half earnings, under "challenging conditions", notably the ongoing war in Ukraine and resulting sanctions on Russia.
The diamond tech company said group revenue had declined from $36.0m in H1 2021 to $31.2m.
"Geopolitical developments, primarily the war in Ukraine and an increasingly inflationary economic environment, along with ongoing outbreaks of Covid-19 in China and the corresponding lockdowns.
imposed on some major cities, had an overall negative effect on business conditions, primarily in the second half of H1 2022," the Israel-based company said.
"Notwithstanding the challenging business environment, the group realised robust results."
It said sales of capital equipment fell by around 30 per cent, largely due to the geopolitical uncertainties.
But recurrent revenue from both rough and polished diamonds expanded, comprising over half of overall earnings.