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Debmarine’s annual revenue for the calendar year 2022 surged by 83% against 2021. This owes to increased production and consumer demand. Debmarine is the largest producer of diamonds in Namibia, by value and volume.
Debmarine’s annual revenue for the calendar year 2022 surged by 83% against 2021 revenue. This owes to increased production and consumer demand. Debmarine is the largest producer of diamonds in Namibia, by value and volume. The CEO of Debmarine stated that Earnings Before Interest Tax, Depreciation, and Amortisation (EBITDA) increased by 168% to N$6.7 billion due to the increase in revenue, offsetting some cost increases.
Debmarine saw improved profitability with EBITDA margin increasing from 35% to 51% and benefited close to N$1 billion from the improvement in the diamond market and N$1.4 billion from the weakening of the N$ against the US$, with inflation taking out N$400 million. The Benguela Gem contributed N$2.4 billion in her first year to EBITDA with cost pressures taking out N$900 million.
Debmarine revenue surges to N$13.2bn and the production of 1.725 million carats is a record production in the company’s history, accounting for roughly 80% of total diamond production in Namibia. The company’s production target for the current year is around 2 million carats.
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Debmarine remains the single largest contributor to the Namibia government’s revenue (excluding SACU receipts), having directly contributed N$13.8 billion over the past five years (2018-2022) to the National Treasury.
