61 INTEGRATED ANNUAL REPORT 2024 HIGHLIGHTS NCT FORESTRY AGRICULTURAL CO-OPERATIVE LIMITED and its SUBSIDIARIES FINANCIAL REPORT for the year ended 29 February 2024 FARMS Turnover R’000 2024 2023 334 502 349 723 TONNES PURCHASED 2024 2023 Eucalyptus 854 262 1 123 397 24% Acacia 788 932 998 158 21% Pinus 1 617 1 866 13% Biomass 11 640 0 ↑0% Other timber 72 273 73 210 1% TONNES 2024 2023 1 728 724 Purchased 2 196 631 1 565 979 Sold 2 251 084 MEMBERS’ BONUS R’000 2024 2023 nil 38 034 MILLS 25 vessels / 4 customers / 2 countries Exchange rate achieved R18.68 : 1 USD R2.5 billion turnover 12% increase in exchange rate 30% reduction in tonnes sold due to Richards Bay fire Positive plantation valuation adjustments due to reduced harvesting Fixed operating costs against reduced income NCT OWNED / LEASED FARMS Turnover R’000 2024 2023 272 890 243 424 Farm profits before revaluations and tax R’000 2024 2023 62 325 58 471 Plantation revaluation R’000 2024 2023 47 660 104 775 Impact of devastating fire and stock loss Assistance to members utilising cash reserves GROUP Turnover R’000 2024 2023 2 941 515 3 280 869 Net profit before tax R’000 2024 2023 80 310 283 192 CO-OPERATIVE Turnover R’000 2024 2023 2 943 529 3 280 386 Net profit before tax R’000 2024 2023 75 607 132 630
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