Dallaglio Investments has delivered a record financial performance, with profit surging 147% to nearly US$104 million, cementing its role as the key driver behind Padenga Holdings’ strongest year since entering the mining sector.
According to Padenga’s latest annual results for the year ending December 2025, Dallaglio’s pre-tax profit rose sharply to US$103.99 million from US$42.18 million in 2024. Revenue from the mining division climbed 30% to US$251.06 million, accounting for a dominant 94% of the group’s total sales.
At group level, Padenga reported a 26% increase in revenue to US$265.82 million, while profit before tax from continuing operations jumped 114% to US$93.88 million.
The surge in earnings was largely driven by strong global gold prices, with Dallaglio achieving an average price of US$3,448 per ounce, up significantly from US$2,386 recorded the previous year.
Padenga’s strategic pivot into mining continues to pay off. The group initially acquired a 50.1% stake in Dallaglio in 2019 before completing the purchase of the remaining 49.9% in 2025, making the mining unit a wholly owned subsidiary. The latest results confirm that gold mining has now overtaken crocodile farming as the group’s core business.
Operationally, Dallaglio generated US$70.75 million in cash flow, a 68% increase from the prior year, allowing it to fully fund capital expenditure while reducing debt. Borrowings declined by 45% to US$19.22 million, while group net interest costs fell 55% to US$4.07 million.
The company is now channeling its stronger financial position into expansion projects. At Pickstone Peerless Mine, a third-phase underground expansion commissioned in December is expected to unlock deeper ore bodies and new exploration zones. Solar energy investments are also advancing, with a 4.9-megawatt plant at Pickstone expected to come online in the first quarter.
At Eureka Mine, a gravity circuit upgrade is scheduled for commissioning in the second quarter, alongside a separate 5-megawatt solar project expected to begin supplying power soon.
With gold prices remaining firm and efficiencies improving, Dallaglio is now firmly positioned as the growth engine of Padenga. The results also reflect a broader trend in Zimbabwe’s mining sector, where gold continues to underpin revenue growth, investment, and economic momentum.
