69 INTEGRATED ANNUAL REPORT 2025 NCT Forestry Agricultural Co-operative Limited and its subsidiaries (Registration number: 1949/000002/24) Statement of Comprehensive Income Group Co-operative 2025 2024 2025 2024 Notes R’000 R’000 R’000 R’000 Revenue 1 865 539 2 941 515 1 864 217 2 943 529 Cost of sales 1 (1 640,361) (2 542 100) (1 667 853) (2 574 966) Gross profit 225 178 399 415 196 364 368 563 Other income 431 922 39 273 299 160 18 997 Operating expenses (399 200) (460 784) (313 381) (382 838) Foreign exchange gains 12,822 – 12,815 – Fair value gains on biological assets – 81 701 – 47 660 Foreign exchange losses – (16 468) – (16 467) Fair value losses on biological assets (121 035) – (71,815) – Operating profit 2 149 687 43 137 123 143 35 915 Investment revenue 40 689 40 764 40 352 60 244 Finance costs (9 778) (4 910) (23 135) (21 871) Member bonus – 1 319 – 1 319 Profit before taxation 180 598 80 310 140 360 75 607 Taxation (48 066) (18 482) (37 774) (14 861) Profit for the year 132 532 61 828 102 586 60 746 Total comprehensive income for the year 132 532 61 828 102 586 60 746 Notes 1. Cost of sales Cost of goods sold 1 640 361 2 220 940 1 667 853 2 253 806 Stock written off – 321 160 – 321 160 1 640 361 2 542 100 1 667 853 2 574 966 2. Operating profit: Other income includes the following income: Insurance proceeds 397 170 2 092 280 715 750 Profit on disposal of assets 16 249 10 085 – – Operating expenses include the following expenses: Auditor’s remuneration 1 117 1 012 503 506 Contract chipping 22 262 2 141 121 005 111 973 Depreciation 42 826 36,689 21,333 17 904 Impairment on property, plant and equipment – 10,769 – 10 769 Directors remuneration - allowances 551 524 551 524 Directors remuneration - fees 1 044 1 016 1 044 1 016 Insurance 32 508 19 328 11 974 9 076 Legal and professional fees 2 919 4 905 1 910 4 323 Loss on disposal of assets 3 245 13 411 875 5 183 Salary and wage costs 239 647 220 734 192 949 174 881
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