Crocodile meat and skin producer, Padenga Holdings Limited recorded a profit before tax for the six months ending 30 June 2017 of $4,327,177 after selling 5,283 skins against $2,795,227 for the prior period in 2016 when they sold 20,978 skins.
According to the group chairperson, Alexander Calder, there was positive cash generated by the Group from operating activities amounting to $1,222,615 for the six months ended 30 June 2017 on the back of decrease in debtors and increase in creditors.
“This compares with net cash utilization of $1,518,697 for the comparable period in prior year,” said Calder.
Padenga reported that no alligator skin stocks were brought forward from the prior period and culling for the foreign operation is set to commence in the second half of the year.
“For the current year, there is no alligator skin stocks brought forward from the prior period and culling for the foreign operation will only commence in the second half of the year.
“In the Zimbabwean crocodile operation, a profit before tax of $4,995,901 was recorded compared to $3,910,630 for the prior comparative reporting period and we had 4,773 skins in stock at the end of the period.
“A total of 5,283 skins were graded and sold in the period under review and the excellent quality grades achieved were consistent with those achieved in the prior period,” said Calder.
He added that construction work for an additional 80 new pens is underway and that will improve skin quality and improve production efficiencies.
“Construction work for an additional 80 new pens is underway; this will significantly improve skin quality, increase growth rates, enhance animal welfare and improve production efficiencies,” said Calder.
He added that the company closed the half year ended 30 June 2017 with a total of 138,067 grower crocodiles on the ground compared to 144,236 at the end of June 2016.
“Of these, approximately 16,182 will be harvested between July and December and approximately 6,163 will be carried forward into 2018 to be harvested as medium sized skins, there were 1,174 immature breeders on the ground as of the reporting date,” said Calder.