Financial Results for the year 2019

Financial Results for the year - 2019

We are pleased to present our first Integrated Annual Report, which makes a holistic assessment of the financial and non-financial performance of Agra Limited for the 2018/19 financial year. Considering the current economic climate, the financial performance of Agra is commendable. Agra aligns its thinking and its approach to long-term value creation to the principles of Integrated Reporting and aims to communicate its total value creation story clearly and comprehensively to all our stakeholders.

The impact of the drought on agriculture and agricultural production is to my mind the worst it has been in recent history. Producers had no other choice but to drastically reduce livestock numbers and attempt to maintain core herds. The profitability of the different commodities is also under pressure. Agriculture finds itself in a perfect storm, resulting in President Hage Geingob announcing a state of emergency. The reality is that the producer’s debt levels are high and that their livestock numbers have at least halved. Furthermore, the economic recession resulted in less job opportunities which adds to the phenomenon of decreasing disposable income of producers and the limited financial means of consumers.

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Corporate News

The Coronavirus (COVID-19) was declared a pandemic by the World Health Organisation (WHO) on 11 March 2020. The Namibia Government announced on 14 March 2020 that it would implement precautionary measures to protect Namibians from being affected by the Coronavirus (COVID-19). As a responsible Corporate Citizen and Employer, measures will be implemented to streamline potential business risk areas...

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