2024 Agra Annual General Meeting 29.11.2024

The Agra Annual General Meeting (AGM) was held on Friday, 29 November 2024, 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, commended the past year as the third-best financial performance in Agra’s history. He acknowledged the challenges faced, noting that the severe drought forced many farmers to sell their livestock, leading to high auction numbers but lower prices, while reaffirming Agra’s commitment to supporting Namibian producers.

Agra experienced an increase of 8.3% in total turnover, rising from N$2,459 million in the 2022/23 financial year to N$2,662 million in the 2023/24 financial year. Gross profit also rose by 7.2%, increasing from N$475.4 million to N$510 million during the same period. Growth was particularly evident in the Retail and Wholesale, Auctions, and Property divisions. However, the severe drought adversely impacted the disposable income of Agra’s key customer base, notably decreasing revenue in higher-margin categories.

The Board declared a final dividend of 13.50 cents per ordinary share on 25 October 2024 for the year ending 31 July 2024. This amounts to N$13,791,988 and will be paid at the end of January 2025, demonstrating Agra’s commitment to delivering value to its 3,688 shareholders.

The Agra share price demonstrated robust growth, increasing from N$3.06 in 2023 by 61 cents to N$3.67 in 2024. With an additional 13.5 cents declared as dividends, the total return on shares reached an impressive 24.3%, further solidifying Agra’s position as a reliable and rewarding investment.

Agra’s CEO, Mr. Arnold Klein, expressed pride in the company’s financial performance, reporting a net profit of N$71,052,625. Agra recorded a strong net asset value per share of N$3.86, with the current share price at N$3.73. Agra successfully concluded 65 share deals during the year, resulting in the trading of 1,348,362 shares with a total value of N$4,118,104.

Mrs. Danika van Wyk from Ernst & Young, the external auditor, presented the audit report, which was well received, reflecting the company’s good governance and fiscal management. The Board also reported positive progress in recovering costs on bad debts, with necessary provisions in place to ensure financial stability.

The meeting also marked the retirement of Mr. Ben Mouton, a long-standing director, whose extensive financial and strategic expertise significantly contributed to Agra’s success. In his farewell remarks, Mr. Mouton reflected on his journey, stating, “It was both enjoyable and challenging. I wish everyone well; it has been a privilege.” Ms. Jennifer Combalie, newly appointed to the Agra Board, brings extensive financial and strategic expertise from her role as Strategic Executive: Finance and Customer Service at the City of Windhoek. Mr. Ryno van der Merwe was also re-elected as the Chairman of the Board.

Mr. van der Merwe emphasized Agra’s steady growth and resilience, highlighting the company’s ability to navigate a tough economic landscape. He expressed gratitude to the shareholders for their ongoing trust and support and was re-elected to serve as Chairman of the Board.

Agra looks ahead with optimism, building on its legacy of growth and resilience while remaining steadfast in its mission to contribute meaningfully to Namibia’s agricultural sector and economic development.

For media inquiries, please contact:
Trudy Howard
Stakeholder Engagement and Sponsorships
061 290 9376 | trudyh@agra.com.na