PADENGA Holdings says its crocodile business has returned to optimal skin volume production at improved quality placing it in a strong position to maximise skin sales realisations.
The rebound follows a 17 percent decline in skin volumes for the crocodile unit in 2022.
During the year ended 31 December 2023, the Nile crocodile operations recorded a 49 percent increase in skin harvest volumes to 50 675 compared to 34 119 in 2022.
As a result, Nile Crocodile revenue contribution to the group marginally improved to 19 prcent from 18 percent prior year.
“The Nile crocodile farming division experienced a turnaround, having undergone numerous challenges mainly relating to changing customer requirements as well as adverse market conditions over the past three years. The business witnessed a significant improvement in the quality of skins,” group chairman, Thembinkosi Sibanda said.
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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