Padenga earns top dollar from RBZ export incentive, revenue tumbles

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    Padenga a Zimbabwe Stock Exchange listed company, weaned off Innscor earlier in the dollarisation period, has reported that it earned $115 thousand in export incentives from the RBZ.

    The company is involved in the production and rearing of crocodile, alligators and the export of Nile crocodile and alligator skins and meat.

    At one time it was estimated that the company supplies 33% of the world’s demand for high quality Nile skins.

    In the 6 months period to June Padenga achieved a revenue of $2.96 million which was however sharply below the previous year’s outturn of $6.1 million.

    The decline in revenue was attributed to a decline in sales volumes which came off by 75% to 5283 skins from 20978 skins in the first 6 months of the prior year.

    In justifying the sharp variance the company said there were no carry over alligator skin stocks in the current period unlike the previous year where stocks were brought forward.

    Furthermore the company said culling for its US operation will only commence in the second period of the year hence widening the half year variance.

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