Padenga Holdings is optimistic about meeting the 2019 full year harvest target of 46 000 animals.

The company is into the production of Alligator and Nile crocodile species as well as the sale of skins and meat.

Recently the company diversified its business portfolio to include mining operations with the acquisition in the third quarter of 2019 of a 50,1 shareholding in Dallaglio Investments, a gold mining entity.

The acquisition has reportedly been consolidated in the group's results effective September 1, 2019, with detailed commentary on its financial statements slated for the fourth quarter trading results.

Padenga Holdings earlier indicated in its 2018 annual report that the Zimbabwe operation was projecting to sell 46 000 premium quality skins in 2019 among other growth prospects.

"Padenga Holdings Group is confident about further growth prospects within its business units. We will achieve our operational and financial targets for the year and return another positive set of financial results," said group chairman Thembinkosi Sibanda in a third quarter trading update to September 30, 2019.

With regard to harvesting off-take and skin sales in the third quarter, a total 8 458 animals were harvested in the Nile crocodile operation. The number brought the year-to-date harvest to a total 13 959 animals.

Difference of 5 501 animals harvested in the preceding quarters is testimony to a remarkable boost in the quarter under review. Basing on the positive indication, "full year harvest target remains at 46 000 animals in the 30/40 size range".

At least 14 321 skins in the Nile crocodile operation were graded and sold in the period under review and so the group is upbeat of achieving its budget turnover by year end.

In the Alligator operation, 13 130 skins were graded and sold in the period under review while 7 500 hatchlings were acquired in September to be carried forward into 2020.

The meat category is also expected to achieve full production in the fourth quarter since production in the quarter under review was "below forecast due to slow off-take".

Demand for crocodile meat in the company's traditional markets reportedly remains steady.

Copyright The Herald. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English