eBusiness Weekly
Kudakwashe Mhundwa
HARARE – The Agriculture Marketing Authority (AMA) has registered a 26 percent growth in total income to US$2, 3 million for the year ended December 31, 2018 spurred by increased agricultural production during the period under review.
Net surplus increased 43 percent to US$1,05 million from US$729 062 recorded in the prior year, while revenue for the year jumped 26 percent to US$ 2,3 million from US$1,8 million on the back of increased fees from traders, merchants and brokers.
AMA chairman Barean Mukwende told the authority’s annual general meeting last Friday that the authority’s success for the period comes on the back of several investments made on the country`s agricultural sector which resulted in high output.
“The agricultural sector experienced another fruitful year spurred by increases in tobacco production, cotton and horticulture production. Government continued to invest in the sector through the Presidential input scheme and command agriculture in crops and livestock.
“I am happy to report that the authority achieved a 43 percent increase in net surplus to reach US$1, 04 million up from US$729 062 achieved in the year 31 December 2017,” said Mr Mukwende.
Likewise, net cash generated increased to US$1,3 million from US$1,1 million driven by a strong operating surplus before working capital, while capital expenditure rose to US$1,5 million from US$0,196 million.
He said although the period was characterised by inflationary pressures resulting in adverse opinions by the authority’s auditors the parastatal managed to post growth in operating expenditure from US$1,1 million in 2017 to US$1,3 million during the period under review.
“The financial performance for the period 31 December 2018 was good despite a challenging economic operating environment characterised by currency distortions that resulted in adverse opinion by auditors.
“Operating expenditure was affected by the growth in inflation rate raising from US$1,1 million to US$1,3 million,” said Mr Mukwende.
