10 The 75th Annual General Meeting was one of contrast. It was celebratory and giving thanks to 75 years of linking members to markets on the one hand, and on the other acknowledging our vulnerability when real disaster strikes. The Richards Bay Mill fire was front and centre of all the reports as this has had the most significant impact on NCT and its members in our 75 years of existence. The Chairman, Vernon Schefermann, paid tribute to all the role players, who fought the fires at ground level and elsewhere. “The true spirit of our Co-Operative was revealed in the people,” said Mr Schefermann. He further commented on how plans were already being made to rebuild and improve, before there were talks of insurance and how NCT would be doing this. Mr Schefermann highlighted the role NCT has played during the year in assisting the bark industry and NCT Wattle growers by taking in timber and keeping it on depot or redirecting it to Durban. NCT also assisted Gum growers with the special mobile chipper project in Richards Bay. He reflected on the other challenges NCT has been facing as a result of the Durban Wood Chips port-loader accident as well as other issues experienced with Transnet. General Manager, Danny Knoesen also highlighted the impact of these catastrophic 2024 Annual General Meeting – Jean Simpson – Manager Corporate Services – events, but sketched a vision of hope as both the Richards Bay and Durban operations should be back in production shortly. On the back of this he advised that NCT’s customers are eager to start taking wood chips from NCT with a full order book for the year ahead. Other glimmers of hope include the new life that is coming through Transnet with new leadership, the insurance proceeds that are coming in in tranches, possible new markets coming online both domestically and internationally, and a continued exploration of other business opportunities. When considering the financial results, NCT CFO, Kerry Moffett, reported that overall, the NCT results are better than expected in a year filled with unexpected tragedy. The annual revenue had declined from R3.2 billion in the previous year to R2.9 billion this year. Not too bad considering that Richards Bay had been out of production for five months as at yearend. This translated into a profit before tax of R80.3 million for the group. This will however be set off by the farming and other adjustments which will ultimately result in a tax loss which can be carried forward to be set off against the insurance proceeds. She concluded by assuring the members that NCT still has a healthy balance sheet. A well-attended 75th Annual General Meeting
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