Drought, Covid-19 got nothing on Agra
Agra recorded a 1.5% increase in revenue growth for a record N$1.814 billion in turnover.
01 December 2021 | Business
We are blessed to be in this situation, given the overall economic climate. Arnold Klien, CEO: Agra
Agra recorded a 1.5% increase in revenue growth for a record N$1.814 billion in turnover and an increase in operational profit of 6.5% over the previous financial year. This is Agra’s best financial performance to date.
In a media statement, Agra’s chief executive officer (CEO), Arnold Klein, pointed out that he is proud of the financial performance during a very difficult economic climate.
Klein attributes this to Agra’s proactive preparations for the Covid-19 pandemic, with early implementation of measures and for pioneering regulatory protocols which were adopted nationwide. Other contributing factors were favourable loan negotiations, focusing on managing profit margins, as well as a focus on cost management and the diversification of non-agricultural retail lines.
As a result, Agra managed to increase its market share in both the retail and livestock markets. Agra Auctions reported good results, despite lower livestock numbers during the previous financial year. Agra has continued to invest in property through new projects and upgrades to branches and fuel infrastructure.
Agra shares are proving to be a very good investment option, with the share price currently standing on N$1.85 per share, which indicates Agra’s strong market performance in recent years. A dividend pay-out of 10 cents per ordinary share was approved for the 2020/2021 financial year, the statement reads.
The chairman of the Agra board of directors, Ryno van der Merwe, congratulated Agra on recording its best financial performance to date. He further emphasised that the recent drought and the effects of the Covid-19 pandemic make this achievement even more notable. The chairman attributes the success of Agra to the board having a very clear plan in place, which the management team has implemented successfully. On behalf of the board, he thanked the entire management team, particularly Agra CEO, Arnold Klein, for building a motivated team and implementing successful strategies during the past financial year.
Two Agra board members’ terms came to an end this year. Both Ryno van der Merwe and Ben Mouton were available for re-election and since no other nominations were submitted, the proposal was accepted to re-elect both board members.
Despite challenging circumstances, Agra has shown that there is opportunity in adversity. Agra management and staff are committed to providing exceptional personal service, offering effective solutions to market needs, and to provide every Namibian with the opportunity of a better life, the statement added.
In an interview, Agra CEO, Arnold Klien said: “We are blessed to be in this situation, given the overall economic climate. But this result would not have been possible without the dedication, focus and smart work of Agra staff. We are motivated by our recent performance, but we now want to keep the momentum in order to achieve even better results in the months ahead.”