NAFED earns net profit of Rs 139.27cr, proposes 15 per cent dividend
Rajbir Singh, Managing Director, NAFED, informed the AGM that NAFED achieved a turnover of Rs 19,752.22 crore with an operational profit of Rs 342.38 crore during FY 2021-22. The net profit was Rs 139 crore. During the year, a quantity of 12.62 LMTs of oilseeds and pulses valuing Rs 7,072.21 crore was procured under PSS, providing the benefit of the scheme to around 15 lakh farmers.
National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) has continuously earned a profit in the last five years, which has made its net worth positive. NAFED Chairman Dr Bijender Singh shared this information while addressing the 65th AGM. He said that during FY 2021-22, NAFED earned a net profit of Rs 139.27 crore. The Board of Directors has proposed a dividend of 15 per cent to the member Federations/Societies for FY 2021-22.
NAFED Chairman said that the situation of NAFED was not good before 2016-17. It was difficult to pay salaries to the employees and manage them. The Union government made a committee and gave a loan of Rs 2,500 crore in that difficult phase for the uplift and management of NAFED. NAFED has continuously performed well since then. Dr Singh also thanked the Ministry of Agriculture for showing confidence in NAFED by delegating it various responsibilities including public distribution.
Rajbir Singh, Managing Director, NAFED, informed the AGM that NAFED achieved a turnover of Rs 19,752.22 crore with an operational profit of Rs 342.38 crore during FY 2021-22. The net profit was Rs 139 crore. During the year, a quantity of 12.62 LMTs of oilseeds and pulses valuing Rs 7,072.21 crore was procured under PSS, providing the benefit of the scheme to around 15 lakh farmers.
Rajbir Singh, Managing Director, NAFED, addressing the AGM
It was further informed that NAFED supplied 6.05 LMTs of processed pulses to the Defence Forces and States for distribution under ICDS, MDM, PDS and other schemes. Further, pulses, edible oils, sugar, salt, groceries, etc, valuing Rs 11,754.99 crore were also supplied during the year. This has benefited about 20 crore poor families.
NAFED expanded its horizons by exporting 1.25 LMTs of Indian Non-basmati rice valuing Rs 374.76 crore to Bangladesh under the G2G arrangement. Further humanitarian aid of 10,000 MT of rice and 200 MT of wheat worth Rs 32.18 crore was provided to Myanmar.
The MD said that NAFED imported 1 LMT of pulses to protect consumer interest. 2.14 LMT of onions worth Rs 440 crore was bought from farmers in Maharashtra, Gujarat and Madhya Pradesh so that onion farmers may get better prices and consumer interests be protected. As a central nodal agency, Rs 823 crore of paddy and wheat was bought at MSP in Assam, Uttarakhand, Uttar Pradesh and West Bengal.
As a National Implementing Agency under the Mission for Formation and Promotion of 10,000 Farmer Producer Organisations (FPOs), NAFED successfully registered 421 FPOs mobilizing around 1,08,000 farmers during FY 2021-22, said the MD. Now the target of 557 FPOs has been completed. The Ministry of Agriculture has this year set NAFED a target of 500 FPOs.
