VICTORIA Falls Stock Exchange listed Padenga Holdings’ revenue for the first half rose by 33% to US$99,2 million largely driven by strong performance in gold mining operations.
Revenue stood at US$74,42 million during the same comparative period in 2023.
Padenga chairperson Thembinkosi Sibanda attributed the growth to rising output at Eureka Mine.
“The group recorded revenue of US$99,24 million for the six months under review. This was a 33% increase over the US$74,42 million recorded in prior period.
“The positive revenue performance for the group was largely due to the significant contributions from the gold mines arising from steady production at Eureka Mine buoyed by higher than budgeted gold prices,” the entity’s financial statement read.
During the period under review, bullion output at Dallaglio, Padenga’s mining unit, rose to 1,351kg from 1 080kg in the comparative phase last year.
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This represented a 25% jump, fuelled by improved quality gold grades at the Eureka Mine in Guruve.
In 2019, the group made an investment in Dallaglio, a gold mining operation, by acquiring a 50,1% equity in the company.
This was done through a US$19,9 million capital injection.
Pickstone’s contribution to the group’s revenue base, which stood at 15% is expected to increase when the mine winds up open pit operations in the last half of 2024.
The statement further reads: “This 25% growth was spurred by a combination of better ore grade at Eureka Mine, better recovery and higher plant throughput at Pickstone Mine. The underground mine (Pickstone) contributed 15% of the group’s gold production in the period under review.
“This proportion will grow as open pit mining is wound down at Pickstone Mine in the second half of 2024.”
Earnings before interest, taxes, depreciation and amortisation surged by over 100% to close at US$23 million, from about US$11 recorded in the first half of last year leveraging on improved performances.
Resultantly, profit before taxation rose to US$21,02 million from US$12,88 million recorded in the first half of 2023.
The entity's agribusiness unit posted a 20% decline in skin harvest volumes during the first half of the year "compared to prior period(16,973 vs 21,280."
As a result,skin sales in the first half of the year at 14,627 were 22% below 18,709 sold in the same comparative period last year.