The profit is down but the spirit is willing. The agri cooperative NACOF vowed to start several new initiatives including Apna Kisan Kendra in cities as well as in remote areas to feed farmers and poor sections of society by providing them their daily needs, said Ram Iqbal Singh Chairman while addressing the 8th AGM at NCUI headquarters in Delhi on Friday. “First of its kind, Apna Kisan Kendra has been opened recently in Patna (Bihar)”, added Singh.
Nacof AGM was attended by several cooperative leaders including NCUI Chief Executive N Satyanarayan, Fishcopfed MD B K Mishra, NLCF MD Mrs Pratibha Ahuja, NCCT Secretary Mohan Mishra, NCDC ex-official S K Sharma who recently authored books on co-operatives and several others. NACOF Directors including Ranjit Singh, Sunil Khatri and others were also present on the occasion.
The NACOF achieved a sales turnover of Rs. 1173.39 crore against the sales turnover of Rs. 1113.85 crore for the previous year which represents 5% increase in spite of a tough competition in the open market, said Singh. Its net profit dipped this year to Rs. 421.29 Lakhs for the year under review as against Rs. 644.42 Lakhs of the previous year.
Despite the decreasing profit, the Chairman announced a dividend of 20 per cent. Addressing the AGM Ram Iqbal Singh said “I on behalf of the Board of Directors of NACOF am pleased to apprise our Hon’ble Guests of the Annual General Body of the remarkable performance in the financial year 2016-17, and have decided and recommended the payment of dividend to the members of NACOF @ 20% for the year 2016-17 of the share continuation of the member cooperative societies as on 31-03-2017.”
Singh also informed that various State Govts including Odisha, Jharkhand, Assam, Uttar Pradesh, Madhya Pradesh,
NACOF is providing these services to t tate Govts and their sub-ordinate departments such as State Civil Supplies Corporations by keeping a very low margin, he added.
Singh also said “Presently NACOF is having more than 25 branches and sub-branches all over the country having qualified and experienced professionals with degree in specialized sectors. It has started production of seeds in the brand name of NACOF in various states like Rajasthan, Bihar, Madhya Pradesh, Andhra Pradesh, Telangana & Goa either on its own or in joint venture. The marketing of seeds is in progress.”
The Nacof also plans to sell fertilizer, informed the Chairman. “Regarding marketing of fertilizer, several reputed fertilizer manufacturers have been approached by the State Managers for sale of their fertilizer in the states, which is being undertaken by Hyderabad, Patna, Indore & Jaipur branches.”
The NACOF is also trying to open Apna Kisan Kendra in cities as well as in remote areas to feed farmers and poor sections of society by providing their daily needs. First of its kind, Apna Kisan Kendra has been opened recently in Patna, Bihar.
I also wish to inform that the NACOF have fixed a target of Rs. 1800/- crore for the current financial year. I feel confident that the target fixed by the General Body will be achieved during the year 2017-18.
Before concluding Ram Iqbal Singh thanked everyone including NCUI, Kribhco, IFFCO and cooperative sister organizations for the guidance and support. He also thanked International Cooperative Alliance.
