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Interestingly if the US$9 million which the company said it lost from the statutory surrender requirement is added back to the top-line revenue, it will take the company’s revenues for the 2021 financial year to just above US$ 24 million which would be higher than what it achieved in 2020. This policy position which the company lamented needs revision by the authorities as it is inflicting real financial harm to companies that are Zimbabwe’s biggest exporters and earners of foreign exchange.

In the 2021 financial year, Padenga Holdings Limited incurred higher interest expenses at US$ 10,138,637 which was up from US$ 6,665,084.00 the previous year. The increase in this cost category was due to leverage and borrowings which Padenga employed in rehabilitating the Eureka gold mine which is now in full production and is also responsible for the increase in group revenues.

The company enjoyed increased production from its gold mining operations. The company sold a staggering 976 kilograms of gold which was higher than the 722 kilograms of gold sold in 2020. The increase in gold production came from the newly commissioned Eureka gold mine. From its crocodile operations, Padenga Holdings Limited sold a total of 55,341 skins which was less than the 72,244 skins it sold in 2020. The Zimbabwe crocodile operation sold 39,936 skins down from 43,254 skins that it sold in 2020.

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According to Deutschland, German companies long concentrated only on South Africa, but this is changing. Over the past eight years, the Association of German Chambers of Commerce and Industry (DIHK) has opened not less than five new branch offices. Apart from South Africa, top investment destinations include Nigeria, Ghana, Angola, Tanzania, and Mozambique.

Alongside their primary business, German companies are also involved in numerous initiatives to support the African economy and combat poverty. Germany’s Mechanical Engineering Industry Association (VDMA) has founded the “Skilled Workers for Africa” initiative in Botswana, Kenya, and Nigeria. Germany’s successful dual vocational training model serves as an example in Africa. At the same time, Germans benefit from collaboration with local partners, who enable them to access new markets. Local shareholders are essential in some countries.

To strengthen their cross-continental network and promote a value and interest-based exchange, Konrad-Adenauer-Stiftung (KAS) and the Hanns-Seidel-Stiftung (HSS) supported by the Africa CDU/CSU group in the German Bundestag, held a conference in May 2022.