- Gold production at Dallaglio increased by 101% to 1961 kgs
- PAT surged to US$9 million
- Cash generated from operations soared to US$24 million from US$15 million
Harare- After recording a loss in full-year 2021, the Victoria Falls Stock Exchange (VFEX)- listed diversified Group, Padenga Holdings has recorded a solid financial muscle during the full year ended 31 December 2022 anchored by Dallaglio operations according to the Group’s latest full-year 2022 financial results.
Thembinkosi Sibanda, the Group’s chairperson said the solid results were attained despite operating in a volatile economic space.
“The financial year was characterised by several market and regulatory changes that required agile management,” said Sibanda in a statement accompanying the full year financials.
From a loss of US$8 million last year, Padenga recorded a profit after tax of US$9 million after revenue hovered by 67% to US$127 million from US476 million last year with Dallaglio contributing 82% against 18% from Zimbabwe Crocodiles. Both basic earnings per share and headline earnings per share increased from a negative territory last year to US40.93 cents.
Total comprehensive income grew to US$6 million from a loss of US$7 million benefiting from both Dallaglio operations and Nile Crocodile operations while cash generated from operations soared to US$24 million from US$15 million in full-year 2021.
The graph below shows Dallaglio’s financials.
Dallaglio’s gold production more than doubled by 101% to a production record of 1961 kgs from 976 kgs in full year 2021 largely benefiting from Eureka operations. Eureka Mine was commissioned in October 2021 and has become the flagship asset of Dallaglio.
“Dallaglio became one of the top three gold producers nationally after registering gold sales of 1961 kgs from 976 kgs last year,” said Sibanda.
Dallaglio which is 50.1% owned by Padenga has assets that include Eureka mine, Blue Rock Claim and Pickstone Peerless mine. Phase one of the Pickstone’s project is scheduled for completion in August 2023.
However, at Nile Crocodile Operations, harvested crocodile skins decreased to 34117 from 55136 last year due to a shift in harvest season by providing additional time to allow for remedial actions for positive impact on skin quality.
The graph below shows Nile Crocodile’s financials
This reduced skin sales volumes by 17% to 33189 from 39936 last year.
The Group resolved to exit its US based Alligator operations after wrestling with skin quality issues. During the period under review, the business unit contributed 3% to Group revenue.
The Group is targeting installation of 1.2MW phase 3 solar array during the second-half of 2023.
A dividend of US$0.28 per share was declared.
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