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The Namibia Agronomic Board (NAB) reported a surplus of N$152.3 million for the financial year ended 31 March 2025, marking a significant improvement from the N$107.6 million recorded in the previous year.
According to the Board, the stronger financial performance was underpinned by increased levy income, robust investment returns and sustained cost-control measures across the organisation.Total income rose sharply to N$262.9 million, a 45% increase from N$181.0 million in the prior financial year. This result substantially exceeded the approved budget, largely due to higher-than-expected levy collections and improved interest earnings.
“The improved outcome reflects continued growth in levy income driven by higher import volumes, combined with strong investment performance and effective cost management,” the Board said. The NAB also received an unqualified audit opinion from the Auditor-General, reinforcing its commitment to transparency, prudent financial management and full compliance with applicable financial reporting standards.
From the total surplus, N$19 million was transferred to the Board’s reserves. This allocation included N$9 million for the Crop Disaster Fund and N$10 million for the Crop Value Chain Development Fund, both aimed at enhancing resilience and promoting growth within Namibia’s agronomic and horticultural sectors. Total expenditure for the year amounted to N$110.6 million, representing a 5% increase from N$105.3 million in the previous financial year. Spending remained below the approved budget of N$111.6 million, resulting in a favourable variance of N$1.0 million.
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The Board noted that higher expenditure was mainly due to increased depreciation following additions to motor vehicles and office equipment. However, employee-related costs and general expenses remained below budget, supported by vacant positions and ongoing efficiency improvements. The NAB’s investment portfolio continued to deliver solid returns, with total investments rising to N$420.5 million at year-end, up from N$387.4 million in the prior year, reflecting a 9% increase.
Interest and investment income totalled N$36.2 million for the year, exceeding the budgeted N$31.5 million by N$4.7 million. This was driven by higher average cash balances and sustained returns on fixed deposits.