Agra annual general meeting highlights resilience amid challenges, records 22.8% increase in profit

The Agra Annual General Meeting (AGM) was held on Friday, 24 November 2023 at the Agra/ Bank Windhoek Ring. The meeting was attended by Agra shareholders, the Agra Board of Directors and Management. Mr. Ryno van der Merwe, Chairman of the Board, acclaimed the past year as another remarkable financial success for the company. Mr. Van Der Merwe acknowledged the challenges faced particularly in production, the economy and the environment. Notably, he highlighted a 30% decline in weaner and small stock prices, rising input costs, interest rates, and significant stock shortages from suppliers, all exerting pressure on cash flow and disposable income.

Mr. Van Der Merwe emphasized the need for Namibian producers to become adept experts at managing a diverse range of risks and challenges and commended their success during these challenging times. He underscored Agra’s commitment to focusing on core business and strategies as key contributors to the company’s remarkable performance. Agra’s CEO, Mr. Arnold Klein, expressed pride in the company’s financial performance, revealing a notable 23.1% in total turnover, surging from N$ 1 997 million in the 2021/22 financial year to N$2 459 million in the 2022/23 financial year.

Agra recorded a modest 3% increase in operating expenses, moving from N$329.8 million in 2021/22 to N$ 339.7 million in 2022/23 which is well below the Namibian inflation rate of 4.5%. The net impact on Agra’s overall performance was a notable 22.8% increase in profit after tax for the year, increasing from N$75 million in 2021/22 to N$92.1 million in 2022/23, and a total comprehensive income for the year of N$94.1 million, compared to N$77.2 million during the previous year. The Board of Directors proposed a dividend of 16 cents per ordinary share in line with the 2023 financial year’s results, marking an increase from 13 cents in 2022. The proposed dividend amounts to N$ 16,346,059, aligning seamlessly with the company’s dividend policy.

All special and ordinary resolutions were approved during the AGM. Notably, two esteemed directors, Ms. Anette Steyn and Ms Zureuka Majiedt, were re-elected to the Agra Board, reaffirming their commitment to Agra’s strategic vision. We believe in Namibia’s future and its agricultural sector, committing ourselves to making lasting contributions to the country’s economic progress. Agra confidently looks ahead, prepared to navigate obstacles and capitalize on opportunities in the dynamic business landscape.