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

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