Africa Resources (AFRI) Q4 2024 earnings summary

Executive summary

• Diamond production improved to 1,078.5 carats in Q4 2024, with sales totaling USD 92,165 at USD 85.5 per carat, reflecting operational progress but still below target volumes.

• No significant events occurred after the end of 2024.

Financial highlights

• Q4 2024 revenue was 1,016 TSEK, up from 61 TSEK in Q4 2023; net result after tax was -451 TSEK versus -137 TSEK year-over-year.

• Full-year 2024 revenue reached 2,946 TSEK, up from 1,351 TSEK in 2023; net loss for the year was -1,003 TSEK, an improvement from -1,431 TSEK in 2023.

• Cash and cash equivalents at year-end were 62 TSEK, compared to 53 TSEK at the end of 2023.

• Total assets at year-end were 11,327 TSEK, down from 12,008 TSEK a year earlier.

Outlook and guidance

• Management aims to further optimize processes, improve equipment, and enhance production efficiency in coming quarters, with a focus on achieving sustainable and profitable operations.