• Market Watch

Agra reports profit of over N$100 million

For the first time, Agra reported a net profit before tax of more than N$100 million for the financial year 2021/2022. This was revealed at Agra’s Annual General Meeting (AGM) held in Windhoek last week.

The meeting was well attended by Agra shareholders, the Agra board of directors, and management.

Ryno van der Merwe, chairman of the Agra board of directors, welcomed all in attendance with a message that Namibians should take hands and work together for a better tomorrow. He congratulated Agra on its financial performance for the 2021/2022 financial year.

He noted the importance of successful leadership under Agra chief executive officer (CEO), Arnold Klein, who has built a passionate and motivated team, driven by a culture of good values, dedication and ethics, and who have implemented successful strategic projects during the financial year. Van der Merwe further emphasised that, despite numerous internal and external operational challenges in the agricultural sector, the Agra board and management team have a clear strategic plan for the next three years.

Agra CEO, Arnold Klein noted that he is proud of Agra’s financial performance as they recorded a 10.4% growth in revenue for the group, with a turnover of N$1.997 billion for the previous financial year. Over the past three years, Agra has consistently achieved substantial growth in both revenue and profits, and Mr Klein said that he is happy to be adding value to Agra shareholders.

Klein noted that Agra’s net asset value has also increased steeply over the years. He noted that shareholders often do not realise the full value of their Agra shares. Agra’s share price showed significant growth of 34.4% for the previous financial year and in addition, a dividend of 13.5 cents per ordinary share was approved.

All special and ordinary resolutions were approved. Two of Agra’s directors, Jesko Woermann and Bennie Amuenje, were re-elected to the Agra board. Marcel Lamprecht was appointed as a 7th director. Lamprecht brings his wealth of experience and expertise in retail, wholesale and agriculture to the Agra board of directors.

The Agra annual general meeting noted that Flip de Bruyn, General Manager of Finance, is retiring after 19 years of employment at Agra. De Bruyn’s replacement, Philip Maass was introduced to those in attendance. He will take up the position as from 1 December 2022.