• Net profit before tax of $16.3M, down 36% from prior period
• Revenue of $19.1M, down 29% due to lower pearl prices
• Interim dividend of 0.61 cents per share and special dividend of 0.39 cents per share declared

Atlas Pearls Ltd has reported a net profit before tax of $16.3M for the half-year ended 31 December 2024, down 36% from the prior period. This was driven by a 29% decrease in revenue to $19.1M, due to lower pearl prices, which averaged $65 per pearl compared to $103 per pearl in the prior period. The company harvested 250,000 pearls during the period, in line with expectations. Atlas Pearls continues to execute its growth strategy, with progress on key initiatives including the genetics project, vessel construction, data capture, Sumba land lease, and capacity expansion. The company has also commenced environmental, social and governance (ESG) reporting and innovation efforts. On the corporate front, Atlas Pearls has completed an ERP system upgrade and commenced a review of its logistics and procurement functions. The company remains focused on enhancing its health, safety and environment (HSE) capabilities, executing strategic initiatives, and maintaining its focus on delivering high-quality South Sea Pearls at the lowest sustainably achievable production cost.The board has approved an unfranked interim dividend of 0.61 cents per share and an unfranked special dividend of 0.39 cents per share for the half-year ended 31 December 2024.

The company expects to continue its program of sustainability and corporate social responsibility projects with its stakeholders in 2025. No other high-importance, price-sensitive forward-looking financial metrics were provided.

In 2025, the focus will continue on enhancing HSE capabilities and capacity across the business, where the company is investing in systems and capability. Strategic initiatives and projects aligned with the FY30 strategy, business improvements, growth, and innovation will continue to be executed.