NAMDIA has achieved record growth of 63% in revenue for the 2022–23 financial year, which amounted to over N$3 billion, compared to N$1.9 billion achieved in the previous year.
This was revealed at the launch of NAMDIA's dividend declaration and 2022–23 Annual Report. This record-breaking dividend marks a significant milestone in the global diamond market and establishes a new standard in NAMDIA's history, highlighting the organisation's commitment to advancing the nation's economic well-being. The company recorded a gross profit of N$628 million in the financial year 2022–23, compared to N$284 million in the previous financial year.
The Diamond Company made a profit before tax of N$612 million and a profit after tax of N$409 million.
"We have made a compelling case for Namibia to sell its diamond through NAMDIA as a valued proposition. We have displayed in a short period that NAMDIA is the route to market for Namibian diamonds. As a government, I think it's time we started rethinking our approach and our arrangement with the 50% shareholder that we have with NAMDEB at this point in time. We are nearing the end of the ten-year sales and marketing agreement, and when we start preparing to go to the negotiation table, I believe it's important that we renegotiate. We know that the 15% window that was opened a few years ago needs to be pushed much wider so that we can experience and enjoy the benefits of our Namibian diamonds."
NAMDIA will continue its efforts to undertake price discovery in the global diamond market, equally benchmarking the true value of Namibian diamonds, and seek to increase NAMDIA's purchase entitlement to Namibia's benefit.
"The dividend we receive today is a testament to the dedication of NAMDIA to contribute to the economic well-being of Namibia. This substantial contribution will undoubtedly support the government's efforts in various sectors, ultimately benefiting our people and advancing our nation's development goals," said Deputy Finance Minister Maureen Hinda-Mbuende.
The standard selling value over the reporting period stood at 15.2%, the highest the company has ever recorded since its inception.