Profit tumble for Namdeb

30 July 2020 | Business

Namdeb Holdings suffered a nosedive of 65% year on year in its underlying EBITDA for the six months ended June 2020, interim results released this morning by Anglo American show.
Namdeb recorded an underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of US$28 million in its latest half-year compared to US$80 million in the same six months in 2019.
EBITDA is general used as an indication of profitability.
Namdeb - owned 50% by De Beers, which is turn is owned by Anglo American – produced 869 000 carats for the six months under review, up from 818 000 in the comparative period last year.
De Beers reported an underlying EBITDA slump in its all its operation. Overall, the diamond giant showed an underlying EBITDA of US$2 million, down 99.6% from the US$518 million recorded in the first half-year in 2019.