Pandega, led by Zimbabwean executive Michael Fowler, hits $223 million revenue in 2024

Key Points

• Padenga Holdings’ revenue soared 43% to $222.96 million, while net profit skyrocketed 392% to $40.2 million, driven by higher gold deliveries.
• Dallaglio Investments contributed 86% of total revenue, with gold sales rising 29% to 2,740 kg, benefiting from higher grades and capacity upgrades.
• The company raised its final dividend by 154% to $0.66 per share, while total equity surged 39% to $121.82 million, reinforcing financial strength.

Padenga Holdings Limited, the Zimbabwe-based mining and agribusiness group led by Michael Fowler, delivered strong financial results for the year ending Dec. 31, 2024, driven by higher gold deliveries and improved efficiency across its operations.

The company’s revenue surged 43 percent to $222.96 million, up from $155.58 million in 2023. Operating profit jumped 169 percent to $71.81 million, while net profit soared 392 percent to $40.2 million, highlighting its ability to capitalize on favorable market conditions.

Gold mining fuels earnings growth

Padenga’s strong performance was largely powered by its gold mining subsidiary, Dallaglio Investments, which contributed 86 percent of the group’s revenue.

Dallaglio’s revenue climbed to $192.53 million in 2024, up from $125.62 million the previous year, thanks to a 29-percent increase in gold sales. The company delivered 2,740 kg of gold, compared to 2,120 kg in 2023, benefiting from higher grades at both the Eureka and Pickstone Peerless mines, as well as capacity upgrades implemented in late 2023.

Meanwhile, Padenga’s agribusiness segment saw modest growth, with revenue inching up to $30.43 million from $29.95 million. The Nile crocodile skin export business posted a slight revenue increase to $30.39 million, while meat sales dipped marginally from $42,060 to $40,170.

Operational efficiency and strategic expansion

The company’s profitability gains were reflected in its earnings per share (EPS), which rose 311 percent to $4.07. Diluted EPS saw a similar increase, while headline EPS jumped 257 percent to $3.53.

Padenga also made strategic moves to improve efficiency and secure long-term production. A key milestone was the transition of Pickstone Peerless from open-pit to underground mining in October 2024, a shift designed to extend the mine’s lifespan and optimize costs.

The company also benefited from selling all its gold to Fidelity Printers and Refiners, ensuring stable market access, predictable pricing, and steady revenue growth.

Stronger returns for shareholders

Padenga continued to deliver value to its shareholders in 2024. The company declared a final dividend of $0.66 per share, a 154-percent increase from $0.26, bringing total dividend payouts to $3.64 million—up from $2.57 million in 2023.

CEO Michael Fowler, who holds a 20.77-percent stake in the company, has been at the forefront of its expansion efforts. Padenga’s total assets grew from $208.9 million to $223.85 million, while profit attributable to equity holders jumped 314 percent to $22.45 million.

Retained earnings rose from $41.75 million to $60.55 million, and total equity expanded 39 percent to $121.82 million, reinforcing the group’s financial strength.

With a diversified portfolio spanning gold mining and agribusiness, Padenga Holdings remains well-positioned for sustained growth. The company continues to focus on efficiency, strategic investments, and delivering strong returns in Zimbabwe’s mining sector.