Sarine Q3 Revenue Leaps 82% To $17.3 Mn
Sarine Technologies Ltd., an Israel-based manufacturer of diamond and gemstone processing equipment, recorded a net profit of $4 million on revenues of $17.3 million in the third quarter of 2016. The company reversed a net loss of $1.4 million in Q3 2015, while its revenues jumped 82% this quarter on the back of increased manufacturing equipment sales and higher recurring revenue.
The growth was broadbased across most geographical segments as business conditions continue to improve with positive renewed consumer demand for polished diamonds in key markets, robust supply of rough diamonds at economically viable prices and the absence of inventory overhang, Sarine stated.
During the quarter, Sarine deployed a record 22 Galaxy family systems, comprising 12 new Meteor small stone machines, 7 Solaris machines, 2 Galaxy Ultra machines and 1 Galaxy system. One of the Galaxy Ultra systems was deployed to the group’s service centre in India to meet strong demand for these high-end services. As of September 30 2016, the group has an installed base of 275 Galaxy family systems.
For the nine months ended September 30 2016, group revenue rose 49% to $53.6 million, and net profit surged significantly by 515% to $13 million.