NAFED profit zooms as it offers 15pc dividends
The Agri Co-op has clocked a profit of about Rs 250 crore in just five months and is likely to touch a figure of Rs 400 crore with an increase in turnover from Rs 19,750 crore to Rs 21,000 crore, said the Chairman announcing a dividend of 15 per cent to shareholders. The days are not far when Nafed would give a 20 per cent dividend as done by IFFCO & Kribhco, Bijender Singh assured the delegates who have come from across states
Team RuralVoice
The 66th Annual General Body Meeting (AGM) of the National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) took place on Friday in New Delhi at the NCUI Auditorium amidst unprecedented optimism as the agri co-op has once again done a remarkable amount of business with an increased profit compared to last year.
Narrating the painful days when Nafed faced closure and was at a loss of Rs 4000cr, Nafed Chairman Bijender Singh said the share capital of more than Rs 50 crore have been bought in these three years of revival. The message has gone that “the sinking boat is no longer sinking but sailing afloat with pride and dignity”, said Singh amidst thunderous applause.
The Agri Co-op has clocked a profit of about Rs 250 crore in just five months and is likely to touch a figure of Rs 400 crore with an increase in turnover from Rs 19,750 crore to Rs 21,000 crore, said the Chairman announcing a dividend of 15 per cent to shareholders. The days are not far when Nafed would give a 20 per cent dividend as done by IFFCO & Kribhco, Bijender assured the delegates who have come from across states.
More than 558 delegates representing various Member societies and state federations, such as RAJFED, MARKFED-Punjab, BISCOMAUN-Bihar, BUNKUS, Delhi State Co-op Federation, and Ahilya Co-operative Society Federation, graced the event with their presence.
In his address, the Chairman NAFED thanked Prime Minister Shri Narendra Modi, Union Minister for Home & Cooperation, Amit Shah, Union Minister of Agriculture, Narendra Singh Tomar, and senior officers of the Ministry of Cooperation, Ministry of Agriculture and Farmers Welfare and Department of Consumer Affairs for their continued guidance and support to NAFED over the years and also for the faith and trust placed in the abilities of the Federation. He also mentioned Dileep Sanghani as the one who saved Nafed by convincing the utility of the agri co-op for the farmers of the country.
The Chairman NAFED also expressed his appreciation for the efforts of Union Minister of Home and Cooperation, Shri Amit Shah in bringing about concrete changes in the cooperative sector in a short span of time. Bijender also called the current MD as one of most dynamic officers he had ever seen.
On this occasion Chairman KRIBHCO & ICA (Asia Pacific), Dr Chandrapal Singh Yadav and Chairman IFFCO & NCUI, Dileep Sanghani also shared their valuable insights and praised the senior management of the cooperative for their dedicated efforts in the continued and steady growth of the federation.
The MD NAFED, while sharing a brief report on the business performance of NAFED, informed that during FY 2022-23 NAFED achieved a turnover of Rs 21,404.58 crore with an operational profit of Rs 437.64 crore and a net profit of Rs 264.51 crore.
The federation procured 30.44 LMTs of oilseeds and pulses worth Rs 17,120.49 crore under the PSS. Additionally, NAFED procured 0.15 lakh MTs of Pulses valued at Rs 91.23 crore under PSF on behalf of DoCA, GoI. NAFED also purchased a total quantity of 40,383.490 MTs of imported stocks of Toor, Masoor, and Urad valuing Rs 300.01 crore.
To bolster buffer stocks, NAFED procured 2.69 lakh MTs of Onions worth Rs 385.73 crore in Maharashtra, Gujarat, and Madhya Pradesh. Furthermore, the organization participated in De-Centralised Procurement Schemes, obtaining 1.45 LMTs of Foodgrains valued at Rs 282.80 crore in West Bengal and Assam.
It also supplied approximately 4.84 lakh MTs of processed pulses, amounting to Rs 2094.77 crore, to the Army, Central Para Military Forces, and various states for welfare initiatives across the nation.
NAFED was also designated as the 4th National Implementing Agency by the Government of India to create 10,000 FPOs, and was allotted a target of setting-up 1167 FPOs across 28 states in the years 2020-21 to 2022-23. As on March 31, 2023, NAFED had registered 646 FPOs, aiding around 2.06 lakh farmers. The organization’s membership also grew from 974 to 994, resulting in an increased shared capital of Rs 43.07 Crore from Rs 41.02 Crore.
Chairman NAFED, Dr Bijender Singh, invited representatives of NAFED’s member societies who came from across India to participate in the AGM on stage and requested them to share their valuable suggestions for the betterment of the farmers.
Sunil Kumar Singh, Vice Chairman, NAFED, extended a heartfelt gratitude to the tremendous gathering present during the AGM and delivered a resounding vote of thanks while recognizing the unwavering commitment and collective efforts of the NAFED.
