Revaluations push AGRA results
Agra Limited achieved a total gross company turnover of N$2,138 billion for the 2014/2015 financial year, an increase of 10,75% compared to the 2013/2014 financial year.
This was revealed when Agra Limited hosted its 5th annual general meeting last week, releasing its latest annual report and financial results. The Agra audit was prepared by Pricewaterhouse Coopers.
“Improving the net profit before tax figure from a loss of N$2,2 million in 1997 to a profit of N$55 million for the current year,” was one of the highlights of his career as Chief Executive Officer of Agra, Peter Kazmaier mentioned in his last CEO report in the Agra 2014/2015 annual report.
Net turnover for the group amounted to N$1,34 billion, an increase of 7,3% compared to the N$1,25 billion of the previous year. Other income for the group increased with 71,2% from N$26,1 million in 2014 to N$44,7 million in the 2014/2015 year largely due to an increase in the fair value of investment properties.
The Agra group achieved a net profit after current normal tax of N$48,9million, an improvement of N$8,4 million or 21%.
The retail and wholesale division, comprising the Agra branches, Auas Wholesalers and Auas Vet Med achieved a gross turnover of N$1,282 million, while the turnover of the livestock division was N$741 million.
Agra Arms, Ammunition and Outdoors achieved a gross turnover of N$119,5 million. The properties division’s gross income increased from N$21,9 million in 2014 to N$32,8 million.
According to the group, the performance of ProVision was affected by the number of consultancies procured in a very difficult agricultural year and the decreased number of swakara pelts marketed, resulting in a decreased income from swakara of N$55,4 million compared to N$73,9 million in 2014.
During the event the company also looked back at some of its most significant milestones during the past year. These comprise the completion and opening of its two largest investments, the Auas Valley Shopping Mall and the Agra Hyper development in Lafrenz, Windhoek with Agra’s new flagship branch, as well as the completion of major renovations and a new retail store at Agra Opuwo.
The Chairman of the Board, Ryno van der Merwe, said, for the upcoming year, the focus will be on the unfavourable factors in agriculture that puts pressure on the profitability of producers and clients of Agra. The group will investigate and explore new opportunities to add to its existing business, to expand its market share and to strengthen its brand.
Meanwhile, Agra shareholders expressed their confidence in the board of directors and executive committee under the leadership of the newly appointed CEO, Arnold Klein, to take Agra to even more rewarding heights in the future.