Shannon-based industrial diamond group Element Six paid out a dividend of $10 million (€8.6 million) last year even though profits more than halved as uncertainty in the global motor vehicle sector hit turnover.
The company develops and manufactures synthetic diamond super-materials for the oil and gas, automotive and aerospace, and mining and construction industries. Its main markets are the US, China, Japan and the European Union.
The company, which has been operating in Ireland for more than 60 years, is part of the De Beers Group, a British-South African company that has been involved in the exploration, mining, retail and marketing of rough diamonds since 1888.
Accounts filed with the Companies Registration Office show a profit of $4.9 million at Element Six last year was taken into reserves, down from $11.3 million the year before.
RM Block
Pretax profit amounted to $5.6 million, which was down from $12.6 million. Turnover was 11.3 per cent weaker at $170 million.
The company said “uncertainties in global markets and macro-headwinds, particularly in the global automotive sector” were to blame for the fall in sales.
“Investment in research and development, new technology and a focus on continuous improvement in production processes has helped the company to navigate these economic uncertainties and set the company on a solid financial platform to support future growth,” it said.
Total research and development expenditure during 2024 was $6.9 million, which was down from $8.6 million in 2023.
Among the risks facing the company, it cited low-cost competition from Eastern European and Asian suppliers, commodity prices and “global tariff uncertainties”.
The accounts were signed off on in April and included a note on events since the end of last year, citing the risk from US president Donald Trump’s tariff agenda.
“Effective April 5th, 2025, the United States imposed a minimum 10 per cent tariff on imports from all countries,” it said. “As an importer into the United States, the company is actively monitoring and responding to opportunities and risks presenting themselves from this announcement, however it is currently too early to predict the impact on the company.”
The group employed 413 people throughout the year, which represented a reduction of 18 in headcount. It spent $31.3 million on staff, which was down from $34.3 million.
