Namdia dividends boost state coffers

Namib Desert Diamonds (Namdia) has declared a dividend of N$40 million to government, its sole shareholder, for the 2020/21 financial year.
The SOE also paid the ministry of finance N$43.5 million in income tax and N$11.3 million in export levies in its past financial year.
Namdia profit after tax for 2020/21 amounted to N$13.3 million, down 86% from the prior year’s N$95.2 million.
“Rough diamond sales were adversely affected by lockdowns and travel restrictions due to the Covid-19 pandemic, delaying the shipping of rough diamonds into cutting and trading centres and preventing buyers from attending sales events. This resulted in reduced rough diamond demand which led to declines in sales volume and softening of prices,” Namdia said today.
The period under review had 6 sales totalling 144 967 carats for an average of US$94.75 per carat.
An extraordinary impairment provision of N$30.9 million was raised on the acquisition of NamGem Diamond Manufacturing Company (Pty) Ltd. Before considering the impairment provision of N$30.9 million, the profit after tax amounts to N$44.2 million.
The ordinary profit before tax of Namdia amounted to N$73.7 million, down from N$150.2 million or 51% the previous financial year.