NGIP Agmark Limited Delivers Profit Despite Drought: FY22 Financial Results Unveiled

NGIP Agmark Limited has announced a preliminary result of K3.97 million after tax for the year ended December 31, 2022. This is a decrease in revenue by K9.4m or 6.33% due to diminished sales in cocoa and coffee exports. However, the company still managed to declare a profit for FY22, proving its resilience despite a challenging year.

NGIP Agmark Limited Decrease in Revenue

The decrease in revenue was mainly due to a drought that hindered cocoa production for most of the year, leading to a significant drop in revenue compared to the previous year. 

However, through key initiatives from past experiences, combined with a robust reporting system and a streamlined management structure, NGIP Agmark Limited was able to minimize costs and take advantage of profit-making opportunities to ensure a profit for FY22.

The company's cost of sales decreased by K8m or 7.5% in FY22, and admin and finance costs grew by 1.31m or 2.8%, mainly due to occupancy costs. 

Despite the increase in occupancy costs, the company closed underperforming branches in the previous year, resulting in a 22% decrease in occupancy costs in FY21.

NGIP Agmark Limited Dividend Payout

During the AGM held in June 2022, the board announced a dividend payout for the FY21 performance of the audited K7.3M profit after tax. A distribution of K0.04 per share was paid in November 2022, marking the second consecutive year that a dividend was paid.

Throughout FY22, the company continued to focus on supporting its customers, especially the cocoa farmers, and solidifying strong relationships with suppliers, providing shareholder value through the challenges of 2022.

Looking forward, NGIP Agmark Limited

Looking forward, NGIP Agmark Limited aims to:

• continue its expansion plans, focusing on investing in technology to improve operational efficiency, and
• enhance customer experience, while also exploring new markets and business opportunities to grow the company's revenue and profitability.

Investors' Takeaway

• Despite facing a challenging year due to a drought that hindered cocoa production, NGIP Agmark Limited managed to declare a profit for FY22, demonstrating the company's resilience and strength.
• The company's focus on cost optimization and taking advantage of profit-making opportunities helped minimize costs and achieve profitability.
• NGIP Agmark Limited paid dividends for two consecutive years, indicating its commitment to creating value for shareholders.
• The company's investment in technology to improve operational efficiency and customer experience, coupled with its exploration of new markets and business opportunities, bodes well for its future growth and profitability.
• NGIP Agmark Limited's continued focus on supporting its customers, especially cocoa farmers, and building strong relationships with suppliers reinforces the company's commitment to its stakeholders and sustainable growth.

In Brief

Despite the challenges faced by NGIP Agmark Limited in FY22, the company has shown resilience and strength, delivering a profit and paying dividends to its shareholders. 

The company's focus on cost optimization and investment in new technology and markets bodes well for its future growth and profitability.

CPL Group Expands Across Papua New Guinea with 4 New Retail Locations

CPL Group, the leading retail group in Papua New Guinea, has announced its financial results for FY2022. There are some good news for investors looking to earn more from their investments.

Despite tough business conditions and disruptions due to the National Elections, the

• company's revenue grew by 5.1%,
• profit after tax was K15.5m, and
• dividend declared for FY2022 is 25% higher than FY2021, at 5 toea per share. 

Download the CLP Croup Financial Report FY2022, PDF

City Pharmacy Limited

The company's parent company, City Pharmacy Limited, which operates pharmacy outlets across Papua New Guinea and Stop & Shop supermarkets in Port Moresby, experienced revenue growth of 5.1%. 

Meanwhile, the home and lifestyle brand Hardware Haus maintained its market position from the previous year. 

Joint venture businesses, Jacks of PNG and Prouds PNG, contributed significantly to the company's financial growth, with a steep incline of 150% compared to the previous financial year.

CPL Group's expansion

CPL Group's expansion efforts were also successful, with the opening of four new retail locations across the country, including Hardware Haus in Goroka and North Waigani, Port Moresby, and City Pharmacy in Kundiawa and Eriku in Lae. 

This brings the total number of retail outlets to 78 across PNG, including joint venture businesses.

CPL Group Dividend Payment 

For shareholders, the:

• ex-date for dividend payment is on March 22nd, 2023, 
• record date is on May 1st, 2023, and 
• payment date is May 30th, 2023. 

This information is crucial for shareholders to receive their dividend payments on time.

CPL Group's commitment to delivering outstanding value and exceptional customer service for its communities, customers, suppliers, and team members is evident. 

The company's aim to be the preferred shopping destination in Papua New Guinea shows its dedication to its customers' needs. 

As the company ventures into the next 12 months, it will remain focused on ensuring shareholder value.

Investors takeaway

According to the FY2022 financial statement released by CPL Group, the company opened four new retail locations across Papua New Guinea. These new locations are:

1. Hardware Haus in Goroka
2. Hardware Haus in North Waigani, Port Moresby
3. City Pharmacy in Kundiawa
4. City Pharmacy in Eriku, Lae

In Brief

ICPL Group's FY2022 financial statement shows steady growth despite tough business conditions and disruptions. 

The company's financial performance is impressive, with a 25% increase in dividend payments compared to the previous year. 

Its expansion efforts and commitment to delivering outstanding value and exceptional customer service make it a promising investment opportunity for investors looking for long-term growth potential.