Drought left Namibian livestock producers with decreased stock capacity which will take years to rebuild - AGRA

Drought left Namibian livestock producers with decreased stock capacity which will take years to rebuild - AGRA
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Chairman of the Agra board, Ryno van der Merwe, emphasised the fact that the prevailing drought has left Namibian livestock producers with decreased stock capacity, which will take years to rebuild.
AGRA CEO, Arnold Klein noted that he is proud of its financial performance during a very difficult economic climate. AGRA recorded an increase of 3% on gross profit, recording nearly N$1,8 billion in turnover.
It also recorded an operating profit increase of 6,5% over the previous financial year.
This was largely due to operational expenses being managed very well. Cost and cash flow management, as well as a strategic focus on their core business, were key components to AGRA's success.
It was further noted that none of its employees were retrenched or negatively affected by any salary adjustments as a result of the COVID-19 pandemic.
The company continued to invest in infrastructure and property and although AGRA Auctions' revenue was affected by the lack of livestock available during the previous financial year, there are several new and exciting strategies in place, largely linked to digital auction developments.
The share price is currently standing on N$1.65 per share, marking a steady increase since July 2015.
A dividend pay-out of 5c per ordinary share to its shareholders for the 2019/2020 financial year was approved.
Two of the board members' terms had come to an end.
AGRA is proud to welcome Zureuka Majiedt to the board as its newest Director. Majiedt is a partner at Engling, Stritter & Partners with a passion for community development and deep respect for agriculture.
She has a prolific legal background and is an accomplished litigator.
Under difficult circumstances, AGRA performed extremely well during the previous financial year.
There are high expectations placed on its management and staff, who always deliver. AGRA is committed to providing exceptional personal service to our clients and will continue to serve the Namibian public with pride.
Its Annual General Meeting was held at the AGRA / Bank Windhoek Ring on Friday, 27 November 2020.
Attendees included members of the AGRA Board of Directors, Executive Committee, Management Committee, shareholders, other stakeholders and members of the media.