Petra Diamonds may pay dividend early as profits jump

by

Rare blue diamond was sold for less than expected (Source: Petra)

Petra Diamonds yesterday announced that it was looking at paying a dividend in 2015 instead of 2016 as previously stated, after posting positive full-year results for 2014. The diamond miner reported a 20 per cent jump in revenue for the year ended June 2014, up to $478.1m (£296.3m) from $392.5m, while profit before tax was $124.4m, up from $74m in 2013. The company said it would update shareholders on the expected timing of dividend payments in its first-half results in January 2015. Petra’s chairman, Adonis Pouroulis, said the diamond market had performed well during the year, with strong growth in the US and China markets. Pouroulis added: “Based on the company’s successful operational results over the last few years, our growing revenue and cash flow, a stable diamond market and the welcome recovery of a number of exceptional diamonds over the last months, the board is currently reviewing bringing the commencement of dividend payments forward. Returns to shareholders will be a milestone in Petra’s history and a proud day for me as one of the founders.”