NGIP Agmark Limited – Appendix 4B Half Year Report – 30 June 2019
The focus of 2018 was to have:
- A balanced workforce with leaner back office support structures and a strengthening front-end sales force that is ready to capitalize on the opportunities that will arise as demand improves
- A motivation to reduce debt in the balance sheet with aim to generate long term savings
- An ongoing focus on cost control
- Proactive strategies in place to improve business performance
- Reduce debt in the balance sheet by selling assets to offset our loan to the banks to generate favourable savings in annual interest payments to the bank.
These focuses and plans resulted in driving 2019 admin costs down by K308k against 2018 year to date.
In regards to cocoa, it is becoming prominent there is a decrease in cocoa production in all parts of Papua New Guinea due to weather, which may also have an affect on the quality of the bean. What we have discovered that the conversion rate of wet bean to dry bean has reduced from 33% to 27%. Meaning that instead of 100kg of wet bean producing 33kg of dry bean, we are now producing 27kg of dry bean. An 18% decrease in quantity.
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