Padenga FY14 profit up 21pct on improved revenue, targets more exports

Padenga FY14 profit up 21pct on improved revenue, targets more exports

HARARE, March 26 (The Source) – Crocodile breeder Padenga has reported a 21 percent growth in profit after tax to $6 million for the full year ended December 2014 driven by raw skin sales, the company said on Thursday.

Revenue marginally grew to $27, 9 million compared to $26,9 million in the 18 months to December 2013.

“These excellent results were achieved as a consequence of once again achieving our crocodile raw skin sales target, further improving skin quality grades across the operations and coupled with the application of stringent cost management within a challenging local environment,” said the company in statement accompanying the results.

In the Zimbabwe crocodile operation, turnover increased by four percent to $24 million from $23 million recorded in the comparative period.

The United States alligator operation recorded turnover of $3,8 million, three percent higher than previously.

Volumes culled at the Texas-based operation were at 15,000 alligators against the target of 19,600.

Total meat volumes sold increased by 35 percent to 282 tonnes from 209 tonnes in the prior period.

Export sales, at 137 tonnes were higher by 23 percent.

The group is banking on meat exports and increasing volumes to improve turnover and margins.

“On the meat side we are pursuing trade with a new international customer and we expect to increase the volume of meat exported. This will improve turnover and margins,” said the company.