Bumper six months for Agra

At the end of January 2021, Agra’s total assets were about N$995.4 million, nearly 6.4% more than the end of January 2020.

05 May 2021 | Business

The severe drought that has plagued Namibia for the past several years has taught the group many lessons. – Agra Limited

Jo-Maré Duddy – Agra Limited weathered the Covid-19 storm in the six months ended 31 January 2021, reporting an increase of nearly 66% year-on-year in total comprehensive income.

The group, which trades over the counter (OTC) at the Namibian Stock Exchange (NSX), recorded an interim total comprehensive income of about N$26.2 million, up nearly N$10.4 million from the same six months in 2020.

“Fortunately, the agricultural industry, being a primary industry, has not been as negatively affected by the global pandemic as many other industries and for this we are extremely grateful,” the group said in its latest unaudited results released on the NSX.

Preliminary data from the Namibia Statistics Agency (NSA) shows agriculture, forestry and fishing grew by 5.9% year-on-year (y/y) in 2020, compared to -3.2% the year before. In contrast, Namibia’s overall economy grew by -8% y/y last year.

Crop farming and forestry recorded growth of 76.5% y/y following good rains, against -32% in 2019. Livestock farming, on the other hand, grew by -10.2% y/y, compared to 5.4% in 2019.

Agra said the severe drought that has plagued Namibia for the past several years has taught the group many lessons, allowing it to effectively overcome challenges and operate in an extremely difficult trading environment.

TURNOVER

Agra’s revenue for the six months under review totalled nearly N$945.2 million, down about N$47 million or nearly 4.8% y/y.

The group commented: “With the exception of the southern and western parts of Namibia, the country has received good rains, which resulted in a significant drop in sales of licks and feed.” It added: “As farmers are focusing on production and restocking herds, the landscape of agriculture has changed and as such, Agra had to adapt to the changing needs of our core market.”

Agra took “continuous precautions” to manage operational costs in the half-year under review. “This included temporarily putting on hold several capital projects, as well as not filling vacant positions for non-essential personnel,” according to the group.

As a result, operating expenses increased by only 0.5% y/y to nearly N$158.9 million.

“The profit before taxation increased from N$22.7 million in the 2020 financial year, to N$38.6 million in the 2021 period, which is a substantial increase of 69.4% for the first six months of the financial year,” Agra said.

During the current financial year, Agra decided to continue to invest in the expansion of infrastructure and to fill all vacant positions, it said.

ASSETS

The group’s annualised basic earnings per share (EPS) came in at 51.37c, 65% higher y/y.

Agra’s net asset value (NAV) per share for the six months under review was N$4.52, an y/y/ increase of nearly 7.9%.

At the end of January 2021, Agra’s total assets were about N$995.4 million, nearly 6.4% more than the end of January 2020. Cash and cash equivalents stood at about N$57.2 million, compared to a negative N$9.9 million in the same half-year in 2020.

The group’s reserves stood at around N$26.9 million, down 4.8% y/y. Agra managed to reduce its bank overdraft from nearly N$111.4 million to N$92.99 million.

Similar News

 

SA's rooibos tea on EU protection list

2 days ago - 11 June 2021 | Business

Like champagne, roquefort and Kalamata olives, South Africa's world-famous rooibos tea has been added to a European Union (EU) list of protected agricultural products and...

COMPANY NEWS IN BRIEF

2 days ago - 11 June 2021 | Business

BHP urged to target smaller deposits The world's biggest miners should consider developing smaller deposits to make the most of the commodities expected to be...

Toyota's Land Cruiser 300 breaks cover

2 days ago - 11 June 2021 | Business

The much-anticipated Land Cruiser 300 made its global debut in a YouTube-hosted worldwide premiere. As the successor to the '200-series’, the all-new flagship Land Cruiser...

NamiGreen makes strides in e-waste recycling

3 days ago - 10 June 2021 | Business

PHILLEPUS UUSIKUDespite 2020 being a year with Covid-19 restrictions which resulted in closure of businesses, seize operations and reduce output, Namibians have recycled more electronic...

Ethiopia urged to open up mobile market

3 days ago - 10 June 2021 | Business

GIULIA PARAVICINIKenyan President Uhuru Kenyatta on Tuesday urged Ethiopia to open up its telecoms sector to private mobile money business investors, a move that would...

COMPANY NEWS IN BRIEF

3 days ago - 10 June 2021 | Business

BTI raises growth outlook British American Tobacco (BTI) on Tuesday raised its annual revenue growth forecast to more than 5% at constant currency as the...

Nedbank’s New Green Headquarters on Track

4 days ago - 09 June 2021 | Business

Smart design and innovative energy solutions are the pillars of Nedbank Namibia’s iconic new green headquarters being constructed in the central business district of Windhoek.Pg...

Bank Windhoek taking Namibia to the World

4 days ago - 09 June 2021 | Business

Bank Windhoek became Namibia’s first commercial bank to join the National Association of Securities Dealers Automated Quotations (Nasdaq) Sustainable Bond Network after the successful issuance...

Eos to participate in women empowerment programme

4 days ago - 09 June 2021 | Business

Eos Capital (Eos), Namibia’s private equity firm with N$1 billion under management, has been selected as one of 12 participants from across Africa in the...

Oil prices retreat but outlook remains positive

4 days ago - 09 June 2021 | Business

AHMAD GHADDAROil prices extended losses on profit taking and a stronger US dollar, but overall optimism about strong demand recovery kept a floor under prices.Brent...

Latest News

Minimum wage discussions continue at...

2 days ago - 11 June 2021 | Economics

The newly established Wage Commission is in Rundu to investigate the possibility of introducing a national minimum wage in the country.At a meeting held at...

Career partnerships – mentor, coach,...

2 days ago - 11 June 2021 | Columns

Chaze NalisaA few weeks ago, I shared an article titled ‘Network is a Currency’. In today’s piece, I would like to draw attention to network...

Aiming to make a positive...

2 days ago - 11 June 2021 | People

Enzo AmueleBeatus Amadhila was recently appointed Powercom’s new chief executive officer, with effect from the start of June.“While I had to hit the ground running,...

2021’s breakout star

2 days ago - 11 June 2021 | Art and Entertainment

WINDHOEKMICHAEL KAYUNDEWith a track record that could impress anyone willing to pay attention, elia da vincii continues to develop himself on all levels. The song...

SA's rooibos tea on EU...

2 days ago - 11 June 2021 | Business

Like champagne, roquefort and Kalamata olives, South Africa's world-famous rooibos tea has been added to a European Union (EU) list of protected agricultural products and...

Capricorn Group gives women’s cricket...

2 days ago - 11 June 2021 | Sports

Staff Reporter Capricorn Group and its subsidiary Capricorn Asset Management, and Capricorn Private Wealth, sent off the Namibian national women’s cricket team – The Eagles...

Group sales manager shares his...

2 days ago - 11 June 2021 | People

Staff Reporter Ian Grassow is a proud Namibian, born in Walvis Bay, and is currently in the Group Sales division of Paratus Namibia.Ian has been...

When challenges become accomplishments

2 days ago - 11 June 2021 | People

Wetumwene Shikage Simone Mouton is a senior consultant at Alexander Forbes (AF) Financial Services She was born in a small village in the...

EDITORIAL: Mitigate Covid with productive...

2 days ago - 11 June 2021 | Opinion

We are reliably informed that plans are afoot to tighten Covid-19 regulations in the coming days, as the country undergoes its most deadly spell of...

Load More