By Admore Mbonda in Kariba
Padenga Holdings, the Zimbabwe Stock Exchange-listed diversified group, has reported stellar half-year financial results for the period ending June 30, 2025.
The strong performance was primarily driven by a surge in gold output from its mining subsidiary, Dallaglio, coupled with steady contributions from its crocodile skin division.
The group’s EBITDA jumped 142% to US$52.1 million, up from US$21.5 million in the same period last year—highlighting the company’s operational strength and adaptability in a volatile global environment.
Total revenue rose 26% year-on-year, buoyed by firming international gold prices and improved operational efficiencies across its portfolio.
Padenga’s Chairperson, Thembinkosi Sibanda, expressed confidence in the company’s growth trajectory, stating:
“This performance is a significant step forward in consolidating Padenga’s position as a diversified natural resources business with strong growth potential.
“Our resilience continues to be demonstrated through our ability to generate strong earnings despite volatile global economic conditions.”
The group posted a profit before tax of US$41.1 million, a dramatic turnaround from a US$1.7 million loss recorded during the same period in 2024.
Other financial highlights include:
Equity-accounted earnings steady at US$0.6 million
Net interest expenses fell to US$10.9 million, down from US$15.6 million, reflecting lower debt servicing costs
Profit after tax reached US$30.6 million, reversing a US$15.1 million loss in H1 2024
Basic earnings per share improved to US$5.3 cents, up from a US$1.9 cents loss
The earnings surge was primarily underpinned by robust gold production, with Dallaglio increasing its output slightly to 1,216 kg, up from 1,209 kg year-on-year.
This was achieved despite operational challenges at the Pickstone mine due to the 46 MW cutback stripping program.
Revenue from continuing operations climbed to US$84.7 million, up from US$62.7 million. The mining segment’s EBITDA soared by 189% to US$52.1 million, bolstered by rising gold prices, which averaged US$2,356 per ounce, compared to US$1,934 per ounce in 2024.
Despite higher stripping ratios, all-in sustaining costs per ounce remained steady, thanks to effective cost containment strategies.
Looking ahead, Padenga plans to expand gold output further through ongoing development at Eureka and Pickstone, alongside additional exploration and drilling initiatives.
The company’s dual focus on growth and operational efficiency continues to position it strongly within Zimbabwe’s evolving natural resources sector.
About Author
