The Namibia Agronomic Board (NAB) recorded a surplus of N$152.3 million for the financial year ended 31 March 2025, up from N$107.6 million in the previous financial year.
The Board said the improved performance was driven by higher levy income, strong investment returns and continued cost control across the organisation.
Total income for the year amounted to N$262.9 million, representing a 45% increase from N$181.0 million recorded in the prior financial year. The outcome significantly exceeded the approved budget, mainly supported by stronger levy income and higher interest earnings.
“The improvement reflects the continued growth in levy income resulting from increased import volumes, coupled with strong investment returns and effective cost control measures across the organisation,” the Board said.
The NAB received an unqualified audit opinion from the Auditor-General, reaffirming its commitment to transparency, sound financial management and compliance with applicable financial reporting standards.
Of the total surplus reported, N$19 million was allocated to the Board’s reserves. This included N$9 million for the Crop Disaster Fund and N$10 million for the Crop Value Chain Development Fund, supporting initiatives aimed at strengthening the resilience and growth of Namibia’s agronomic and horticultural sectors.
Total expenditure for the financial year amounted to N$110.6 million, a 5% increase from N$105.3 million in the previous financial year. Spending remained slightly below the approved budget of N$111.6 million, resulting in a favourable variance of N$1.0 million.
“The increase in expenditure was primarily driven by depreciation charges related to additions to motor vehicles and office equipment, while employee costs and general expenses remained below budget due to unfilled positions and continued efficiency improvements,” the Board said.
The NAB’s investment portfolio continued to perform strongly during the year. Total investments stood at N$420.5 million at year-end, compared with N$387.4 million in the prior year, reflecting growth of 9%.
Interest and investment income for the year amounted to N$36.2 million, exceeding the budgeted N$31.5 million by N$4.7 million, supported by higher average cash balances and sustained returns on fixed deposits.
