Agra Group posts a new record high of more than N$100 million net profit before tax for current F/Y
The Agra Group recorded a net profit before tax of more than N$100 million for the 2021/2022 financial year, for the very first time.
This was revealed by the Chairman of the Agra board of directors, Ryno Van der Merwe, at the Agra Annual General meeting, which was held on Friday, 25 November 2022, at the Agra / Bank Windhoek Ring. In attendance at the meeting were Agra shareholders, the Agra board of directors, and management.
Agra Chief Executive, Arnold Klein, commended Agra’s financial performance as they recorded a 10.4% growth in revenue for the group, with a turnover of N$1.997 billion for the previous
financial year.
According to Klein, over the past three years, Agra has consistently achieved substantial growth in both revenue and profits, adding that he was happy to be adding value to Agra shareholders. Klein noted that Agra’s net asset value has also increased steeply over the years. In addition, he indicated that shareholders often do not realise the full value of their Agra shares.
“Agra’s share price showed significant growth of 34.4% for the previous financial year and in addition, a dividend of 13.5 cents per ordinary share was approved,” said Klein.
Meanwhile, Van der Merwe noted the importance of successful leadership under Agra Chief Executive Klein, who he said has built a passionate and motivated team, driven by a culture of good values, dedication, and ethics, and who has implemented successful strategic projects during the financial year.
“Despite numerous internal and external operational challenges in the agricultural sector, the Agra board and management team have a clear strategic plan for the next three years,” added Van der Merwe.
“All special and ordinary resolutions were approved. Two of Agra’s directors, Jesko Woermann and Bennie Amuenje, were re-elected to the Agra board. Marcel Lamprecht was appointed as the 7th director. Lamprecht brings his wealth of experience and expertise in retail, wholesale, and agriculture to the Agra board of directors,” said the Agra Group in a statement.
Furthermore, the Agra annual general meeting also noted that Flip de Bruyn, General Manager of Finance, will retire after 19 years of employment at Agra. “De Bruyn’s replacement, Philip Maass was introduced to those in attendance. He will take up the position as of 1 December.”
