Mountain Province Diamonds announces its Q4 2024 results

Canadian company, Mountain Province Diamonds Inc., with a market capitalization of just $8.92 million, reported its financial results for the fourth quarter of 2024, revealing a challenging year marked by declining diamond prices and increased net losses. Despite operational improvements and cost control measures, the company faced significant revenue and earnings declines compared to the previous year.

 Key Takeaways

Full-year revenue decreased to C$268 million from C$329 million in 2023.

Net loss widened to $80.8 million, with an EPS loss of $0.38.

Diamond prices fell by 20% year-over-year.

Operational efficiencies achieved with a 60% improvement in safety metrics.

Market shows signs of recovery despite ongoing challenges

 Mountain Province Diamonds experienced a difficult 2024, with revenues falling to C$268 million from C$329 million in 2023, representing a 14.4% decline. The company sold 2.72 million carats at an average price of US$72 per carat, down from US$90 the previous year. Despite these setbacks, the company maintained a healthy gross margin of 44.87% and achieved record processing plant throughput, focusing on operational efficiencies including a significant improvement in safety metrics. InvestingPro analysis reveals 11 additional key insights about the company’s performance and prospects.