ZIMBABWE Stock Exchange-listed crocodile skins and meat processor, Padenga Holdings Limited, recorded profit after tax of US$6 million for the year to December 31, 2014, an 85 percent increase on the profit achieved the previous year.
The company reported a 10,3 percent increase in volumes of crocodile and alligator skins to 62 700 during the period under view, from 56 800 skins sold in the 18 months to December 2013.
At US$28 million, the group’s turnover was three percent higher from US$27 million achieved in 2013.
Earnings per share stood at US1,11 cents, from US0,60 cents, with the number of shares remaining constant. Padenga declared a final dividend of US0,3 cents per share.
Padenga is targeting to sell 80 percent of its products to first tier markets that command a premium of close to 30 percent to increase earnings.
First tier markets offer better prices and high return. There is a high level of regulation and supervision in such markets.
Short-term borrowings declined notably by US$9,1 million to US$1,6 million as the group repaid US$8 million of the expensive local debt and converted the balance into part foreign short term and foreign long-term borrowings.
The company’s profit after tax margin stood at 23 percent, a notable improvement from the 19 percent and 15 percent achieved in 2012 and 2013 respectively.
Skins accounted for 96 percent of the total revenue, while meat contributed four percent.
Skins turnover rose by four percent to US$26,6 million a four percent increase from US$25,7 million in 2013.
Pagenda suffered a 34 percent drop in net cash from operating activities from US$8,2 million to US$5,4 million last year.
Padenga’s operating expenses declined 10 percent to US$19,1 million from US$21,3 million in 2013 due to differences in the reporting periods (12 months for the year ended December 2014 against 18 months for the period ended December 2013).
Padenga said crocodile meat sales rose by 9,4 percent to US$1,1 million from US$1 million
The company’s net borrowings at US$2,6 million, were 76 percent down from US$10,7 million in 2013.
newsdesk@fingaz.co.zw
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Padenga’s profit jumps 85pc
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