Agra’s profits double amid economic headwinds
Economic, environmental
challenges faced
Agra Limited continued demonstrated its resilience and growth in the face of economic and environmental challenges, marking a 12% growth and revenue to N$1.53 billion while total comprehensive income grew 52% to equate 44.2 million.
"Certain regions of Namibia benefited from average to above-average rainfall, yet vast areas of the country still remain affected by the persistent drought conditions. The recent outbreak of lumpy skin disease among cattle has further strained the agricultural sector, adding to the difficulties faced by our farming clients," Agra said in a statement.
Agra was able to contain costs, despite recording a 6.7% increase in operating expenses it said.
“Operating expenses only increased by 6.7% compared to the previous year, reflecting our commitment to stringent cost control and efficiency measures. This focus on managing expenses while driving revenue growth has played a key role in improving profitability.”
The cooperative’s cost of borrowing also showed a slight decrease, which Agra attributed to financial efficiency.
“Finance costs decreased by 2.2% compared to the prior year, further supporting overall financial efficiency. The total comprehensive income grew by 52%, amounting to N$44.2 million compared to N$29.1 million in the previous period,” Agra said.
Agra said it was positive of its ability to continually support farmers.
“Looking ahead, Agra’s efforts will continue to centre on supporting farmers through ensuring a steady supply of critical goods. Through a prudent approach to financial management and operational efficiency, we aim to sustain our growth momentum while mitigating risks associated with unpredictable climatic and economic conditions,” it said.
"Certain regions of Namibia benefited from average to above-average rainfall, yet vast areas of the country still remain affected by the persistent drought conditions. The recent outbreak of lumpy skin disease among cattle has further strained the agricultural sector, adding to the difficulties faced by our farming clients," Agra said in a statement.
Agra was able to contain costs, despite recording a 6.7% increase in operating expenses it said.
“Operating expenses only increased by 6.7% compared to the previous year, reflecting our commitment to stringent cost control and efficiency measures. This focus on managing expenses while driving revenue growth has played a key role in improving profitability.”
The cooperative’s cost of borrowing also showed a slight decrease, which Agra attributed to financial efficiency.
“Finance costs decreased by 2.2% compared to the prior year, further supporting overall financial efficiency. The total comprehensive income grew by 52%, amounting to N$44.2 million compared to N$29.1 million in the previous period,” Agra said.
Agra said it was positive of its ability to continually support farmers.
“Looking ahead, Agra’s efforts will continue to centre on supporting farmers through ensuring a steady supply of critical goods. Through a prudent approach to financial management and operational efficiency, we aim to sustain our growth momentum while mitigating risks associated with unpredictable climatic and economic conditions,” it said.
Kommentaar
Republikein
Geen kommentaar is op hierdie artikel gelaat nie