Petra's FY2024 Revenue Rises, Despite Subdued Market

(IDEX Online) - Petra Diamonds reported another drop in revenue and in like-for-like prices at its latest tender, and forecast a "subdued market" for the rest of 2024.

But it also said total revenue for the financial year was up 13 per cent on FY 2023.

The UK-based miner said its seventh and final tender cycle of FY 2024 yielded $38m (from the sale of 337 064 carats), down almost 14 per cent on its sixth tender in May. It sold $49m at its fifth tender, in April. 

Like-for-like prices fell by 3.8 per cent, compared to its previous tender. Petra blamed the "continued softness in demand for coarser goods, most notably in the 1 to 10ct size ranges".

It said average like-for-like prices for FY 2024 were down 12.4 per cent compared to prices achieved in FY 2023.

But total revenue from rough diamond sales for FY 2024 is $366m, up 13 per cent to $324m in FY 2023 (excluding Koffiefontein, which is on care and maintenance and about to be sold).

Petra noted that year-on-year volume variances were affected by the deferral of certain parcels from FY 2023 which were sold as part of Tender 1 of FY 2024.

Richard Duffy, Petra's CEO, said: "We expect a subdued market through to the end of this calendar year. Our recently published FY 2025 pricing assumptions remain unchanged."

Pic shows Cullinan mine.