By Admore Mbonda in Kariba
PADENGA Holdings Limited, a leading player in the mining and agribusiness sectors, has released its financial results for the year ended December 31, 2024.
The company posted impressive results, with revenue increasing by 43% to $223 million, driven by a significant increase in gold production and prices.
The results reflect the dominance of the gold sector in the company’s performance, with Dallaglio, the mining operations, recording a 53% increase in turnover to $192.53 million.
The business realized a profit before tax of $42.18 million, with the sizeable increase in profitability flowing down from the higher revenues achieved in the year.
However, the company’s agribusiness sector, Padenga Agribusiness (PAB), faced challenges during the year. PAB recorded a 29% increase in revenue to $30.43 million, driven by a 9% improvement in the average price realized per skin, which was partially offset by a 40% decrease in sales volumes.
The company’s cash generation from operating activities increased by 48% to $60 million, driven by improved receipts from gold sales and tight working capital management.
Tinashe Sibanda, Chairman of Padenga Holdings Limited, expressed his appreciation to the Management and staff for their remarkable resilience and dedication.
“To the Board of Directors, I am sincerely grateful for the wise counsel. Our customers, suppliers, and other stakeholders continue to place great confidence and offer their unwavering support, which is greatly appreciated.”
The company has declared a final dividend of US0.60 cents per share, payable to all the shareholders of the Company registered at the close of business on May 2, 2025. This brings the total dividend for the year to US1.60 cents per share.
Looking ahead, the company remains optimistic about its prospects, with the Pickstone Underground Project continuing to be developed and exploration drilling at Eureka set to commence in 2025.
The company expects gold production for 2025 to be in line with 2024 volumes.
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