eBusiness Weekly
HARARE – Crocodile farming firm, Padenga Holdings saw its net profit surge 53 percent to $12, 8 million for the year ended December 2017 compared to the previous year on firm crocodile skin prices and operational efficiencies.
The company also benefited from the government’s export incentive scheme, earning $1, 6 million from exports of crocodile skin and meat.
A final dividend of 1, 20 cents per share was declared.
Basic earnings per share improved to 2, 40 cents from 1, 65 cents.
Chairman Alex Kalder said operational efficiencies and fiscal discipline saw the company managing to improve its profitability despite recording a marginal drop in revenue to $30, 2 million from $31, 2 million.
Net operating costs were down by nearly $2 million.
“Cash generated from operating activities doubled from $4.4 million to $8, 8 million during the year in line with increased profitability,” Kalder said.
The firm closed the period with 157 675 crocodiles, up from 150 172, and harvested 46 035, down four percent from the previous period.
“The demand from Europe for premium crocodile meat cuts increased during the period and export prices firmed as a consequence,” Kalder said.
“Total meat volumes sold increased by nine percent to 256 tonnes from 237 tonnes in the prior year.”
In 2018, Kalder said the firm was expecting to sell 46 000 crocodile skins as demand remains firm.
The company also runs a related alligator farming project, which Kalder said “continues to show positive growth.”
“Overall, the group is this year anticipating producing another set of good results.” – New Ziana
