Sodiam closes 2019 with net profit of US$27,1 million and achieves US$26,6 million in tax contributions
Costs dropped by 17% while tax contribution increases 21%
Sodiam, the National Diamond Trading Company of Angola recorded a net profit of US$27,1 million in 2019, despite the worldwide decline registered in the diamond market.
Sodiam underlines that last year the company saw its operating costs drop by 17%, maintaining the trend started in 2018, while its tax contribution increased by around 21%.
The company’s management considers that the financial year was positive, because it ensured good results for Sodiam and for the State shareholder, although it continues to manage the effects of a difficult business environment.
“Despite this, the presence of Sodiam in the national and international market remains firm, thus contributing to Angola becoming one of the most relevant players in the diamond sector worldwide,” said Sodiam. The results achieved in 2019 did not reach the same performance as in 2018, due to the sale of only 20% of the total production, as per the legislation in force.
Sodiam increased its assets by around 5%, reduced its medium and long-term debts by 23% and recorded a general liquidity ratio of 2.5 (the normal value for this ratio must be greater than one; representing the company’s ability to meet short-term commitments).