Agra’s AGM showcases resilience amid economic challenges
Agra held its Annual General Meeting (AGM) last week where shareholders, the Board of Directors, and Management conveged to reflect on the company’s performance and navigate the challenges that marked the fiscal year.
Chairman of the Board, Ryno van der Merwe, opened the session by celebrating the company’s financial triumphs throughout the year.
Despite recognizing adversities in production, economic fluctuations, and environmental pressures, Van Der Merwe acknowledged a significant dip of up to 30% in weaner and small stock prices. This decline, coupled with rising input costs, interest rates, and substantial stock shortages from suppliers, exerted pressure on the company’s cash flow and disposable income.
Addressing the need for local producers to adeptly manage multifaceted risks and challenges, Van Der Merwe commended their resilience during such trying times. He underscored Agra’s commitment to its core business and strategic approaches as pivotal contributors to the company’s notable performance.
Chief Executive, Arnold Klein echoed this sentiment, expressing pride in the company’s financial achievements. He revealed an impressive 23.1% surge in total turnover, soaring from N$ 1,997 million in the 2021/22 fiscal year to N$ 2,459 million in 2022/23.
Agra recorded a mere 3% increase in operating expenses, remaining well below Namibia’s inflation rate of 4.5%. Consequently, the company witnessed a remarkable 22.8% increase in profit after tax, elevating from N$ 75 million in 2021/22 to N$ 92.1 million in 2022/23. The total comprehensive income also experienced a notable rise from N$ 77.2 million to N$ 94.1 million year-on-year.
The Board proposed a dividend of 16 cents per ordinary share, aligning with the company’s stellar financial results for the year 2023—an increase from 13.5 cents in 2022, amounting to N$ 16,346,059. All resolutions, both special and ordinary, gained unanimous approval during the AGM.
Additionally, the re-election of esteemed directors, Anette Steyn and Zureuka Majiedt, reaffirmed their dedication to steering Agra’s strategic vision.
The executives emphasized Agra’s belief in Namibia’s future and its agricultural sector, pledging sustained contributions to the nation’s economic progress. Agra, with confidence, gazes into the future, ready to overcome hurdles and seize opportunities in the ever-evolving business landscape.
