Online Reporter
Tapiwanashe Mangwiro
Listed diversified group Padenga Holdings posted solid half-year results to June 30, 2025, underpinned by higher gold production at its Dallaglio mining subsidiary and stable performance from the crocodile skin operations.
The group recorded a sharp increase in profitability, with earnings before interest, tax, depreciation and amortisation (EBITDA) jumping 142 percent to US$52,1 million from US$21,5 million in the prior period.
Revenue for the six months rose 26 percent year-on-year, supported by favourable gold prices and operational efficiencies across the group’s key assets.
Company chairperson Thembinkosi Sibanda said, “This performance is a significant step forward in consolidating Padenga’s position as a diversified natural resources business with strong growth potential.
The group’s resilience continues to be demonstrated through its ability to generate strong earnings despite volatile global economic conditions.”
The group delivered profit before taxation of US$41,1 million, a sharp turnaround from a loss of US$1,7 million in the same period last year.
Equity accounted earnings were steady at US$0,6 million.
Net interest expense fell markedly to US$10,9 million from US$15,6 million in 2024, reflecting lower debt servicing costs and improved balance sheet management.
Profit after taxation came in at US$30,6 million, reversing a loss of US$15,1 million previously. Basic earnings per share rose to US$5,3 cents, compared to a loss per share of US$1,9 cents in the first half of 2024.
“The improved financial performance reflects strong operational execution across both our mining and agricultural operations,” said Mr Sibanda.
Gold output was the standout contributor to earnings. At Dallaglio, the mining subsidiary, production rose to 1 216 kg in the first half of 2025, up from 1 209 kg in the comparable period. This was achieved despite lower tonnage processed at Pickstone mine, where operations were impacted by the stripping of the 46 megawatts (MW)cutback.
Revenue from continuing operations climbed to US$84,7 million, compared to US$62,7 million in the prior year. EBITDA from mining reached US$52,1 million, an increase of 189 percent year-on-year, driven by firming international gold prices, which averaged US$2 356 per ounce against US$1 934 per ounce in 2024.
The group’s cost reduction measures also yielded results, with all-in sustaining costs per ounce held in check despite higher stripping ratios.
Looking ahead, Padenga said it remains focused on expanding gold production through the ongoing development of its open pits at Eureka and Pickstone, with further drilling and exploration campaigns underway.
