Agra performs well in hard times
STAFF REPORTER
WINDHOEK
Despite difficult circumstances, Agra performed extremely well during the previous financial year.
Agra held its annual general meeting in Windhoek on Friday, at which its CEO, Arnold Klein, said he was proud of Agra's financial performance in a very difficult economic climate.
Agra recorded an increase of 3% in gross profit, recording nearly N$1.8 billion in turnover.
Agra recorded an operational profit increase of 6.5% over the previous financial year. This was largely due to operational expenses being managed well. Cost and cashflow management, as well as a strategic focus on the core business, were key components of Agra's success.
No layoffs
It was further noted that none of Agra's employees were retrenched or negatively affected by any salary adjustments as a result of the coronavirus pandemic. According to Agra it continued to invest in infrastructure and property and although Agra Auctions' revenue was affected by the lack of livestock available during the previous financial year, there are a number of new and exciting strategies in place, largely linked to digital auction developments. The Agra share price currently stands at N$1.65 per share, marking a steady increase since July 2015. A dividend pay-out of 5c per ordinary share to its shareholders for the 2019/2020 financial year was approved.
The chairman of the Agra board, Ryno van der Merwe, emphasised the fact that the drought had left Namibian livestock producers with decreased stock capacity, which will take years to rebuild. Agra welcomed Zureuka Majiedt to the Agra Board as its newest director.
Majiedt is a partner at Engling, Stritter & Partners with a passion for community development and a deep respect for agriculture. She has a legal background and is an accomplished litigator. Agra said it is committed to providing exceptional personal service to its clients and will continue to serve the Namibian public with pride.
WINDHOEK
Despite difficult circumstances, Agra performed extremely well during the previous financial year.
Agra held its annual general meeting in Windhoek on Friday, at which its CEO, Arnold Klein, said he was proud of Agra's financial performance in a very difficult economic climate.
Agra recorded an increase of 3% in gross profit, recording nearly N$1.8 billion in turnover.
Agra recorded an operational profit increase of 6.5% over the previous financial year. This was largely due to operational expenses being managed well. Cost and cashflow management, as well as a strategic focus on the core business, were key components of Agra's success.
No layoffs
It was further noted that none of Agra's employees were retrenched or negatively affected by any salary adjustments as a result of the coronavirus pandemic. According to Agra it continued to invest in infrastructure and property and although Agra Auctions' revenue was affected by the lack of livestock available during the previous financial year, there are a number of new and exciting strategies in place, largely linked to digital auction developments. The Agra share price currently stands at N$1.65 per share, marking a steady increase since July 2015. A dividend pay-out of 5c per ordinary share to its shareholders for the 2019/2020 financial year was approved.
The chairman of the Agra board, Ryno van der Merwe, emphasised the fact that the drought had left Namibian livestock producers with decreased stock capacity, which will take years to rebuild. Agra welcomed Zureuka Majiedt to the Agra Board as its newest director.
Majiedt is a partner at Engling, Stritter & Partners with a passion for community development and a deep respect for agriculture. She has a legal background and is an accomplished litigator. Agra said it is committed to providing exceptional personal service to its clients and will continue to serve the Namibian public with pride.
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