Mishma Chakanyuka, Staff Writer 
PADENGA Holdings (Padenga) says it anticipates improved returns from its crocodile business this year, following the implementation of several strategies to improve the division.
The Victoria Falls Stock Exchange-listed diversified group’s crocodile unit accumulated losses over several years owing to continued oversupply in the alligator skins market coupled with quality issues that took a long time to resolve.
“The crocodile farming division has undergone numerous challenges mainly relating to changing customer requirements, as well as adverse market conditions,” chairman of Padenga, Themba Sibanda, said in a statement accompanying the company’s financials.
“Strategies to return the business to optimal skins volume production, maximise skin sale realisations and re-enter the crocodile meat export market are bearing fruit and are expected to generate improved returns for the business in 2023.
Padenga recorded turnover of US$127,8 million in 2022, a 68 percent increase from the US$76 million recorded in the prior year.
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