HomeBusinessPadenga aims for US$30m revenue by year-end

Padenga aims for US$30m revenue by year-end

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BY MTHANDAZO NYONI

PADENGA Holdings, one of the biggest exporting companies in Zimbabwe, aims to achieve revenue of US$30 million by the end of this year, compared to average annual revenue of US$23 million it has recorded for the past five years.

According to a latest report compiled by ZimTrade following its familiarisation tour of the company last month, the firm, which exports crocodile skins to premium buyers in Europe markets and prides itself by providing the best quality skins that satisfy the elite markets, is aiming higher.

“Padenga Holdings has grown to significantly influence the premium Nile crocodile skins markets, notching up annual revenue of US$23 million for the past five years with plans to reach US$30 million by the end of the year,” part of the report read.

Zimbabwe claims a share of 45% of the world Nile crocodile skins market, with Padenga supplying half of the country’s output while controlling 85% of the crocodile skins high-end luxury fashion brands globally.

Through its help, ZimTrade said exporting companies such as Padenga were able to continue to grow and connect with government bodies and policymakers to create an environment that encourages the ease of doing export business.

“Since 2010, the company has been a success and has also been committed to reviving Kariba, both as a tourist attraction and as an industry hub,” the organisation said.

Speaking at the company visit, Padenga chief executive officer Gary Sharp reportedly said they planned to expand into different investment areas such as horticulture, macadamia and avocado.

“These investments are meant to grow into viable export businesses that will be able to generate foreign currency for the country all-year round,” ZimTrade said.

Padenga is currently the largest employer in Kariba and through its corporate social responsibility strategy, the company has already invested a lot in developing the Kariba community.

Some of these developments include, building and repairing community hospitals, educational support for local schools, support for the national parks agency in Kariba and outgrower schemes to support the local farming community.

For years, Kariba, widely known as the water and wildlife wilderness, has played second fiddle to Zimbabwe’s two most famous World Heritage Sites — Victoria Falls and Mana Pools.
The houseboat industry has managed to survive on local and regional interest for the past few decades, but has struggled to develop to its full potential without international tourism numbers.

With the help of the government, Padenga pledges to revive the small town by refurbishing worn down structures, creating more tourism opportunities and growing their exporting business and the country’s foreign currency earnings.

The skins sold by Padenga are used to create high-end products such as handbags, watch buckles and belts.Some familiar products include a Berkin bag, one of the most expensive designer bags.

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