Two firsts for Agra

Looking at the financial performance of the 2016/2017 financial year, Agra could feel the impact of the current challenging economic conditions, showing in the decrease of 1,1% in revenue for the group. The group’s revenue decreased by 1,1%, from N$1 577 million in 2015/16 to N$1 560 million for the 2016/2017 financial year whereas the turnover of Agra increased by N$9 million from N$1,476 million in the 2015/16 financial year to N$1 485 million for the 2016/2017 financial year. Agra’s growth in sales is reflected in the increase of the gross profit by 6%, from N$307 million in 2015/16 to N$324 million for the company, and from N$330 million to N$342 million for the group.Finance costs of the group decreased from N$31 million in 2015/16 to N$29 million in 2016/2017, mainly as a result of reduced interest on loans to finance capital projects. The group succeeded to achieve another steady increase in profit before interest and tax of 9,8% from N$79,5 million in 2015/16 to N$87,3 million in 2016/17. Agra also managed to contain operating expenses through inter alia implementing solar energy recovery at various branches, living its value of caring for the environment. Operating costs increased with only 3,7% to N$276 million for the 2016/17 year, compared to N$267million for 2015/16. Net profit after tax for the group amounted to N$49,1 million, compared to N$43 million, an improvement of N$6,1 million. Agra further announced the payment of dividends for the first time as a public company. A total of N$6,1 million will be paid to shareholders. This is in line with Agra’s objective to reach a point where its value and achievements are reflected in their share price. “I want the current share-holders of Agra, who are mainly the agricultural producers of Namibia, to enjoy the benefits of a growing share price”, Agra’s CEO, Arnold Klein, stated. The AGM was concluded with the election of two directors and for the first time, two women were elected to serve on the board, Advocate Charmaine van der Westhuizen and Ms Anette Steyn. Westhuizen is a legal practitioner of the High and Supreme Courts of Namibia with more than thirteen years’ experience in all fields of legal practice as well as particular experience in the fields of corporate governance; risk and compliance; strategic intervention and corporate social responsibility.Steyn is a Namibian stud farmer, managing four studs on their farm Hoogvertoon near Koës in the South. She has become well-known in the agriculture industry as area sales manager for Virbac for 12 years until 2014 and for the past two years also as presenter of an agricultural program on Channel 7. Steyn has experience in recruiting, sales coaching, training and artificial insemination, applying her knowledge of animal husbandry, pharmacology, sales and marketing and genetics. Agra bid farewell to two longstanding directors, Mr Leon van Wyk and Mr Jan Visagie who served on the board for many years.The current Board of Directors are Ryno van der Merwe (Chairperson), Ben Mouton, Benny Amuenje, , Jesko Woermann, Charmaine van der Westhuizen and Anette Steyn.

Two firsts for Agra

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Two firsts for Agra

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