MeatCo continues to do well despite rough conditions (Namibia)

Namibian meat producer, MeatCo has reported that it was able to pay producers an average price of N$25 (R25),30/kg, which was N$2,66 (R2.66)/kg higher than the equivalent South African prices in the 2013/2014 financial year despite having an ownership dispute and a drought to contend with. In the company’s annual report, it was reported that revenue increased by 2%, from N$1,38 billion (R1.38bn) to N$1,41 billion (R1.41bn) of which 63,1% went to producers. In total, Meatco paid N$70,3 million (R70.3) above South African prices in 2013/2014. The company said it managed to generate enough profit and will bring the total premiums above South African prices to almost N$100 million (R100 mil) for the year. With regard to the ownership dispute, the Namibian government has been at loggerheads with the company board after the former claimed ownership claiming it was established by state funds in the 1980’s. The board is still awaiting feedback after reaching out to the government. – The Namibian