• Business & Economy
  • Companies
  • Agriculture
  • Technology
  • Africa
Thursday, August 21, 2025
The Brief | Namibia's Leading Business & Financial News
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Property
  • E-Editions
No Result
View All Result
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Property
  • E-Editions
No Result
View All Result
The Brief | Namibia's Leading Business & Financial News
No Result
View All Result
Home Companies

Debmarine Namibia’s revenue drops 38% to N$8.5 billion

by editor
March 17, 2025
in Companies
7
A A

Debmarine Namibia has reported a 38% decline in revenue to N$8.5 billion for 2024, attributing the drop to reduced diamond prices and lower production levels.

The country produced 2.234 million carats of rough diamonds, marking a 4% decrease from the 2.327 million carats mined in 2023.

Debmarine Namibia Chief Executive Officer Willy Mertens acknowledged the subdued financial performance over the past two years but assured stakeholders of the company’s financial resilience.

“Earnings before interest, tax, depreciation, and amortisation (EBITDA) reduced by 86% to just under a billion Namibia Dollars, in fact at N$951 million. Let’s look at the movement in EBITDA from N$6.76 billion in 2022, price or market taking out N$2.3 billion in 2023 and another N$4.8 billion in 2024—that is a massive N$7.1 billion over the past two years,” Mertens said.

He attributed the decline to lower diamond prices and production adjustments made in response to market conditions, leading to a 91% drop in free cash flow. Despite a 13% reduction in total assets, Debmarine Namibia maintains a strong asset base valued at N$13 billion, with equity standing at approximately N$4 billion.

To enhance efficiency and recovery rates, the company has invested in two new crawlers for the Benguela Gem vessel. The upgrades are expected to improve recovery speeds by 20% and enable access to different geological deposits.

The downturn comes amid a 3.5% decline in global demand for natural diamond jewelry in 2024, exacerbated by increasing polished stock levels in the midstream sector. Polished stock levels surged to US$2 billion in July 2024 before reducing to US$1.2 billion due to a constrained supply of rough diamonds.

Executive Director of Mines and Energy, Penda Ithindi, highlighted the potential impact of G7 sanctions on Russia and Iran, particularly regarding revenue flows and the technological infrastructure required for verification processes.

“In light of these challenges, it is crucial to take proactive and strategic measures to stabilize the diamond industry. This response must go beyond cost-cutting and should focus on securing the industry’s future and protecting the livelihoods that depend on it,” Ithindi stated.

He acknowledged the difficult decisions being made amid the industry downturn, including potential job losses. However, he emphasized the need for a human-centered approach in all strategies aimed at mitigating the impact.

“The government remains committed to supporting the industry through collaborative measures to navigate the downturn. The conversation has started, and we will continue working closely with stakeholders, including mining companies, employees, and impacted communities, to develop sustainable solutions,” he added.

author avatar
editor
See Full Bio
Tags: Debmarine NamibiadiamonddimaondsrevenueWilly Mertens
Share198Tweet124Share35
Previous Post

Paratus Namibia invests N$125.2 million in infrastructure expansion

Next Post

O&L eyes international markets for new Model supermarkets, rules out wholesale for now

MUST READ

Government scheme re-employs over 2,400 fishermen
Fisheries

Namibia to review 462 fishing rights ahead of 2026–27 expiry

August 20, 2025
Agribank returns Witvlei abattoir on market for N$51.7 million
Agriculture

Agribank returns Witvlei abattoir on market for N$51.7 million

August 20, 2025
A better future for Namibia: Why the HPV vaccine matters
Health

A better future for Namibia: Why the HPV vaccine matters

August 20, 2025
Gondwana plans 24-room hotel in Walvis Bay, eyes 2026 groundbreaking
Latest

Gondwana plans 24-room hotel in Walvis Bay, eyes 2026 groundbreaking

August 19, 2025
Small stock exports surge 36% in June
Agriculture

Small stock exports surge 36% in June

August 19, 2025
MTC launches Buffalo Project to boost rural connectivity
Tourism

MTC launches Buffalo Project to boost rural connectivity

August 18, 2025
Next Post
O&L eyes international markets for new Model supermarkets, rules out wholesale for now

O&L eyes international markets for new Model supermarkets, rules out wholesale for now

Related News

Fuel levy cuts derails MVA Fund’s trauma centre plans

Fuel levy cuts derails MVA Fund’s trauma centre plans

August 24, 2022
Filing of beneficial ownership information key to Namibia’s removal from greylist

Filing of beneficial ownership information key to Namibia’s removal from greylist

February 25, 2025
High fees push customers away from formal financial system – BoN

High fees push customers away from formal financial system – BoN

May 30, 2024

Browse by Category

  • Africa
  • Agriculture
  • Analysis
  • Business & Economy
  • Columnists
  • Companies
  • Finance
  • Finance
  • Fisheries
  • Green Hydrogen
  • Health
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • Namibia
  • namibia
  • News
  • Opinions
  • Property
  • Retail
  • Technology
  • Tourism
  • Trade

CATEGORIES

  • Business & Economy
  • Companies
    • Agriculture
    • Finance
    • Fisheries
    • Health
    • Property
    • Retail
    • Technology
    • Tourism
    • Trade
  • Finance
  • Green Hydrogen
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • namibia
  • News
    • Africa
    • Namibia
  • Opinions
    • Analysis
    • Columnists

CONTACT US

Cell: +264814612969

Email: newsdesk@thebrief.com.na

  • Home
  • Companies
  • Business & Economy
  • Mining & Energy
  • Opinions
  • Property
  • E-Editions

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Property
  • E-Editions