A LOCAL research firm says it expects Padenga Holdings’ (Padenga) revenue for this year to rise by almost 30 percent to US$166,81 million, underpinned by the expansion of gold mining activities, and an increase in crocodile.
In 2022, the group generated US$127,89 million in revenue, which was a 68 percent increase from US$76,10 million in 2021. Of last year’s total revenue, the mining business line contributed 82 percent, while Zimbabwe crocodiles contributed 18 percent.
In August 2023, Padenga is poised to complete the first phase of its renovations to the Pickstone Peerless Mine in Chegutu.
“While no underground mining has started yet at Eureka, this is likely to be developed in the future considering the resources available at the mine. We believe these developments should lead to an uptick in gold output for the group,” IH Securities said in a recent earnings update.
Padenga chief executive Gary Sharp and some high-end luxury products made from crocodile skin and sold in international retail outlets such Hermès, Cartier, Louis Vuitton and Prada.
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