Padenga’s FY20 revenue up 145% as mining venture pays off

  • Total revenue came in at US$71.39 million
  • Mining operations were the biggest contributor
  • Profits however took a slump

Harare – Crocodile and alligator breeder, Padenga Holdings limited recorded a 145 percent profit in the year ended 31 December 2020 compared to the prior year mainly as a result of contributions from a mining asset they acquired at the beginning of 2020.

During the period under review, group revenue came in at US$71,39 million from the US$29.13 billion recorded in 2019.

To this, Dallaglio, Padenga’s 50.1 percent owned mining asset contributed over 57 percent (US$40.46 million) after selling 722kgs of gold in the period under review. The company says the business benefited from a higher average gold price of US$1738/oz in 2020 compared to US$1215/oz in 2019 resulting from increased global economic volatility.

Revenue from the Zimbabwean crocodile operation increased by six percent from US$25,53 in 2019 to US$27.07 million in the period under review effectively accounting for 38 percent of the group’s total revenue.

This was despite a slump of 2 percent in the total number of skins harvested from 47 752 in 2019 to 46 961 in the period under review.

Meanwhile, the group’s Texas alligator operation contributed 5 percent to the total group revenue after scaling its own turnover from US$3.60 million to US$3.96 million.

Sales volumes from the alligator business scaled up by an impressive 69 percent from 17176 skins in 2019 to 28 990 in 2020.

However, as the company had previously warned, the company’s profits took a major hit with profit before tax coming in at US$4.08 million in 2020 compared to US$8.59 million in 2019, a 52 percent slump while the profit attributable to shareholders fell by 84 percent from US$6.91 million to US$1.07 million.

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