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Sodiam closes 2019 with net profit of 27.1 million dollars

Sodiam - Empresa Nacional de Comercialização de Diamantes de Angola registered a net profit of 27.1 million dollars in 2019, even with the world decline in the diamond market.

: Simon Dawson/Bloomberg
Simon Dawson/Bloomberg  

In a statement, to which Lusa agency had access on Friday, Sodiam stressed that last year the company saw the costs of its operation fall by 17 percent, maintaining the trend begun in 2018, while its tax contribution increased by about 21 percent.

The company's management considers that the financial year was "positive" because it "ensured good results" for Sodiam and the state shareholder, "although it continues to manage the effects of the difficult business, and which has greatly influenced the reservations that still remain in the opinion of the external auditor, that is, the operation carried out in 2012 with Victoria Holding Limited (De Grisogono)".

"Despite this, Sodiam's presence in the national and international market remains firm, thus contributing to Angola becoming one of the most relevant 'players' in the diamond sector worldwide," says the administration, cited in the document.

According to the document, the results achieved in 2019 did not have the same performance as in 2018, due to the sale of only 20 percent of total production, as established by current legislation.

"Sodiam increased its assets by around 5 per cent, reduced medium and long-term bonds to 23 per cent and recorded a general liquidity ratio of 2.5 (the normal value for this ratio should be higher than one). This ratio shows the company's ability to meet short-term commitments. It should be noted that if this value is lower than one, the company, apart from some specific situations, may be in difficulties - which is not the case with Sodiam", reads the communiqué.

Regarding the presentation of accounts, the company points out that "significant improvements" have been recorded, from 14 reservations of the external auditor in 2017 to four in 2018 and three last year.

"In recent years of work, Sodiam has eliminated 11 exceptions by the external auditor and has not recorded any additional reservations regarding its day-to-day activity and management", the company stresses.

Sodiam is the state-owned company responsible for controlling and supervising the purchase, sale and export/import of diamonds in Angola, with the buyer and reseller accounting for 15 percent to 20 percent of the authorised production quota, and the exclusive buyer and reseller of rough diamonds of semi-industrial/cooperative mining origin and exploitation.

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