First ladies for Agra
Agra at its 7th annual general meeting (AGM) for the first time elected two women to serve on the board of directors, while another first for the company was that Agra as a public company, declared dividends.
Looking at the financial performance of the 2016/17 financial year, Agra could feel the impact of the current challenging economic conditions, showing a decrease of 1.1% in revenue for the group.
The group's revenue decreased from N$1 577 million in 2015/16 to N$1 560 million for the 2016/17 financial year whereas the turnover of Agra increased by N$9 million from N$1 476 million in the 2015/16 financial year to N$1 485 million for the 2016/17 financial year. Agra's growth in sales is reflected in the increase of the gross profit by 6%, from N$307 million in 2015/16 to N$324 million for the company, and from N$330 million to N$342 million for the group.
Finance costs of the group decreased from N$31 million in 2015/16 to N$29 million in 2016/17, mainly as a result of reduced interest on loans to finance capital projects. The group succeeded to achieve another steady increase in profit before interest and tax of 9.8% from N$795 million in 2015/16 to N$87.3 million in 2016/17.
Agra also managed to contain operating expenses through inter alia implementing solar energy recovery at various branches, living its value of caring for the environment. Operating costs increased with only 3.7% to N$276 million for the 2016/17 year, compared to N$267 million for 2015/16. Net profit after tax for the group amounted to N$49.1 million, compared to N$43 million, an improvement of N$6.1 million.
According to Agra a total of N$6.1 million will be paid to shareholders.
“I want the current shareholders of Agra, who are mainly the agricultural producers of Namibia, to enjoy the benefits of a growing share price”, said Agra's CEO, Arnold Klein.
The AGM was concluded with the election of two directors and for the first time, two women were elected to serve on the board, Advocate Charmaine van der Westhuizen and Anette Steyn.
Advocate Van der Westhuizen is a legal practitioner of the High and Supreme Courts of Namibia with more than 13 years' experience in all fields of legal practice as well as particular experience in the fields of corporate governance; risk and compliance; strategic intervention and corporate social responsibility.
Anette Steyn is a Namibian stud farmer, managing four studs on their farm Hoogvertoon, near Koës in the south. She has become well-known in the agriculture industry. Steyn has experience in recruiting, sales coaching, training and artificial insemination, applying her knowledge of animal husbandry, pharmacology, sales and marketing and genetics.
Other board members include Ryno van der Merwe (chairperson), Ben Mouton, Benny Amuenje and Jesko Woermann.
STAFF REPORTER
Looking at the financial performance of the 2016/17 financial year, Agra could feel the impact of the current challenging economic conditions, showing a decrease of 1.1% in revenue for the group.
The group's revenue decreased from N$1 577 million in 2015/16 to N$1 560 million for the 2016/17 financial year whereas the turnover of Agra increased by N$9 million from N$1 476 million in the 2015/16 financial year to N$1 485 million for the 2016/17 financial year. Agra's growth in sales is reflected in the increase of the gross profit by 6%, from N$307 million in 2015/16 to N$324 million for the company, and from N$330 million to N$342 million for the group.
Finance costs of the group decreased from N$31 million in 2015/16 to N$29 million in 2016/17, mainly as a result of reduced interest on loans to finance capital projects. The group succeeded to achieve another steady increase in profit before interest and tax of 9.8% from N$795 million in 2015/16 to N$87.3 million in 2016/17.
Agra also managed to contain operating expenses through inter alia implementing solar energy recovery at various branches, living its value of caring for the environment. Operating costs increased with only 3.7% to N$276 million for the 2016/17 year, compared to N$267 million for 2015/16. Net profit after tax for the group amounted to N$49.1 million, compared to N$43 million, an improvement of N$6.1 million.
According to Agra a total of N$6.1 million will be paid to shareholders.
“I want the current shareholders of Agra, who are mainly the agricultural producers of Namibia, to enjoy the benefits of a growing share price”, said Agra's CEO, Arnold Klein.
The AGM was concluded with the election of two directors and for the first time, two women were elected to serve on the board, Advocate Charmaine van der Westhuizen and Anette Steyn.
Advocate Van der Westhuizen is a legal practitioner of the High and Supreme Courts of Namibia with more than 13 years' experience in all fields of legal practice as well as particular experience in the fields of corporate governance; risk and compliance; strategic intervention and corporate social responsibility.
Anette Steyn is a Namibian stud farmer, managing four studs on their farm Hoogvertoon, near Koës in the south. She has become well-known in the agriculture industry. Steyn has experience in recruiting, sales coaching, training and artificial insemination, applying her knowledge of animal husbandry, pharmacology, sales and marketing and genetics.
Other board members include Ryno van der Merwe (chairperson), Ben Mouton, Benny Amuenje and Jesko Woermann.
STAFF REPORTER
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