Crocodile Meat Surge in Europe Boosts Padenga's Profitby and
Padenga Holdings Ltd., the world’s biggest producer of luxury quality Nile crocodile skins, said a surge in European demand for meat from the reptiles made up for an almost halving of the number of alligators it harvested in Texas as it posted an annual rise in profit.
Net income for the 12 months ended Dec. 31 rose to $7 million from $6.4 million the year before even as revenue declined to $27.4 million from $27.9 million, the Harare, Zimbabwe-based company said in a statement published in the Herald newspaper on Wednesday.
It slaughtered 46,025 Nile crocodiles from its farms in northern Zimbabwe as sales by the company of the reptiles’ meat in Europe rose 25 percent to 290 metric tons. Operations at Padenga-controlled Lone Star Alligator Farms LLC in Texas almost halved to 8,586 skins after the company deferred culling by a year to improve quality of the hides.
Padenga accounts for 85 percent of the supply of Nile crocodile skins to luxury brands globally, it said on its website.