Record year for Agra
02 December 2021 | Agriculture
Agra has recorded its best financial performance ever, despite the recent drought and challenges of the Covid-19 pandemic.
According to a media statement, Agra had a growth of 1.5% in revenue during the past financial year.
A record turnover of N$1.814 billion was also achieved and the company's operating profit increased by 6.5%.
These figures were announced during Agra's annual general meeting held last week in Windhoek.
Agra's CEO, Arnold Klein, said he was proud of the company's performance during a very difficult economic climate and attributed this to the fact that the company was proactively prepared for the pandemic, which included that the necessary measures were applied early.
Other factors that contributed to the company's success were favourable loan negotiations and a focus on profit margin management, cost management and the diversification of its non-agricultural trade lines.
According to the statement, Agra has managed to increase its market share in both the trading and livestock markets. Despite smaller livestock numbers in the past financial year, Agra's auction division also produced good results.
Agra continued to invest in its property by launching new projects and upgrading branches, as well as its fuel infrastructure.
Shares in Agra appear to be a very good investment, with a share price currently N$1.85 per share, indicating Agra's strong market performance over recent years.
A dividend payment of 10 cents per ordinary share has been approved for the 2020-2021 financial year.
The chairman of Agra's board, Ryno van der Merwe, congratulated Agra on its achievement and said challenges such as the recent drought as well as the Covid pandemic make this achievement even more remarkable.
He said Agra could succeed because it had a very clear plan and the management could implement it successfully. Van der Merwe was re-elected as board member this year.
Klein said they were privileged to be in such a position in the current economic climate - something that would not have been possible without the dedication, focus and smart work of Agra's staff.
"We are even more motivated by the performance. We now want to maintain this momentum to achieve even better results in the coming months,” he said.