Petra Diamonds Adjusts Strategy Amidst Market Challenges

Petra Diamonds (GB:PDL) has released an update.

Petra Diamonds Limited reports a year of strategic adaptation in 2024, with a focus on resilience by scaling back cash expenditure and operational costs amidst challenging market conditions. The company’s revenue rose to $367 million, a 13% increase from the previous year, despite a decrease in the average realized price per carat. Petra is positioning itself for future cashflow generation by implementing traceability technology, reducing net debt, and repurchasing a portion of its debt notes for interest savings.

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