NGIP Agmark Limited (NGP) 2023 Annual Report

Date: Friday, June 14, 2024

NGIP Agmark Limited (NGP) has released its Annual Report for the fiscal year 2023, showcasing a significant profit turnaround. The diversified company’s pre-tax profit for the 12 months ending December 31, 2023, reached K7.1 million, marking a K1.4 million improvement from FY22’s K5.7 million. This result reflects a 24% year-on-year (YOY) improvement.

20240614 – NGP Annual Report

EXTENSION OF AGM DATE

NGIP Agmark Limited have today applied to the IPA for grant of an extension to the date of our 53rd Annual General Meeting of Shareholders by one week.

As we have done every year in the Company’s 53 year history, we wish to hold our AGM of shareholders in East New Britain at Talina, Kokopo which is our main place of business.

Current issues exist with the airport (Tokua) serving Kokopo, where the runway is under repair. These issues have impacted travel bookings for several of our larger shareholders who wish to attend the meting in person.

Therefore we intend to hold the meeting on Friday July 5th at Talina, Kokopo, East New Britain Province and we hereby advise the market accordingly of our intentions.

NGIP AGM 2024 delay announcement

NGP ANNOUNCEMENT – FORM 5C

The end of the year has exceeded budget expectations, and this is largely due to the outstanding performance of the cocoa division.

This is despite the shortcoming of a second cocoa flush expected towards the end of the year. Damaging wet weather led to a decrease of cocoa exports by 11%. And if production was similar to 2022, revenue could have grown by another K10 million kina with the increased cocoa market price.

While this may be disappointing news for cocoa farmers and traders, we remain optimistic about the future of the industry. With a focus on hard work to maintain their land and sustainable practices, there is no doubt that the cocoa production sector will grow and thrive in the years to come.

In regards to the Coffee, Agriculture Supplies, Machinery, and Rabtrans Divisions, they all showed promising results in terms of their positive financial performance. Despite facing major challenges such as increased operating costs, more competition, and delays in manufacturing and shipping, these divisions were able to deliver positive outcomes. However, it is important to note that except for cocoa, all the other divisions fell short on their budget targets.

This was largely due to factors including safety and security concerns from riots, fuel shortages, damaging weather, and the overall impact of macroeconomic factors. Although the obstacles faced, the Senior Management remained committed and executed strategies such as increasing stock orders to combat shipping delays, opening branches to gain market share and investing in people and assets to ensure we continue delivering value to our customers and stakeholders.

These strategies plus the 2023 profit have prepared us to be more resilient in the new fiscal year and capitalise on our investments.

For key financial information, please see attached NGIP AGMARK FORM 5C – 2023 Amended

NGP ANNOUNCEMENT – Fire at Stage 1 Premises

NGIP Agmark Limited (PNGX: NGP) (Agmark) advises that on Thursday 31 August 2023 there was a fire at its premises at Talina, Williams Road, Kokopo.

The fire was isolated to the building known as Fermentry Stage 1. This is where some cocoa wet bean is purchased, fermented and dried for specific customers.

All other buildings housing Head Office, Rabtrans, Didiman, Gurias, and the service station are fully operational and Fermentry Stage 2 remained intact.

Click here for full details of the annoucement NGIP Agmark PNGX – Fire Incident

NGIP AGMARK LTD 30 JUNE 2021 RESULTS UPDATE

NGIP Agmark Ltd (Agmark) announces an audited Operating Profit after Tax result of K3.65 Million for the half year ended 30 June 2021. This is a 541% increase on the Operating Loss of (K828,902) at 30 June 2020. The result was due to total group revenue increasing from K58.4 million last year to K85.9 million. The increase in revenue is reflective of the cocoa flush starting earlier in the financial year.

For further details please see below link.

Agmark Half Year Results 30 June 2021 Announcement

NGIP Agmark-Form 4B – 30 June 2021 – Audited

1 2 3