{"id":52033,"date":"2024-01-27T07:28:33","date_gmt":"2024-01-27T07:28:33","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/?p=52033"},"modified":"2024-01-27T05:46:24","modified_gmt":"2024-01-27T05:46:24","slug":"nfspmc-purchases-soar-in-2021-despite-challenging-season","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/nfspmc-purchases-soar-in-2021-despite-challenging-season","title":{"rendered":"NFSPMC Purchases Soar In 2021 Despite Challenging Season"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>The National Food Security Processing and Marketing Corporation (NFSPMC) reported a significant increase in groundnut purchases in 2021 despite facing a challenging year. Managing Director Muhammad Njie presented the corporation\u2019s activity report and financial statement to the National Assembly\u2019s Public Enterprise Committee (PEC) on Thursday, January 25, 2024.<\/b><\/p>\n

NFSPMC purchased 7,489 metric tons of groundnuts in 2021, a remarkable 235% increase compared to the previous year\u2019s 2,225 tons. However, Njie acknowledged that achieving this figure wasn\u2019t easy. Low groundnut production across the Senegambia region, partly caused by a late rainy season and brief drought, affected overall intake.<\/p>\n

\u201cThe 2021 financial year was very challenging as the corporation purchased 7,489 metric tonnes. This was an increase of about 235% compared to the 2,225 tonnes purchased in the previous session. Several factors contributed to this low groundnut intake, low groundnut production affected the entire Senegambia region. This resulted in lowering the final area planted with groundnuts and hence reduced production,\u201d he said.<\/p>\n

Despite these challenges, NFSPMC saw positive financial results. Operating revenue surged by 66% from D612 million in 2020 to D1.018 billion in 2021, primarily driven by the increased groundnut processing. Additionally, the corporation\u2019s net profit jumped by 127%, turning a D139.77 million loss in 2020 into a D38.78 million profit in 2021. This turnaround was attributed to cost-containment measures that minimized sales costs and stock losses.<\/p>\n

\u201cThe Corporation\u2019s net profit increased by 127% from a loss of D139.77 million in the previous financial year to a profit of D38.78 million in the current financial year. The increase in profit was mainly due to cost containment measures management implemented, which led to a relatively lower cost of sales and minimal costs associated with stock losses,\u201d he said.<\/p>\n

Alhagie Barry, the corporation\u2019s Finance Director, informed the Committee that bank deposits and short-term investments also went up by 11%, reaching D200.8 million in September 2021 compared to D181.8 million the year before. This, he stated, was a result of controlled cash disbursements and interest earned on term deposits.<\/p>\n

\u201cThe increase was mainly due to controlled cash disbursements cost containment measures and interest earned on term deposits,\u201d he said.<\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. The National Food Security Processing and Marketing Corporation (NFSPMC) reported a significant increase in groundnut purchases in 2021 despite facing a challenging year. Managing Director Muhammad Njie presented the corporation\u2019s activity report and financial statement to the National Assembly\u2019s Public Enterprise Committee (PEC) on Thursday, January 25, 2024. NFSPMC purchased 7,489 metric […]<\/p>\n","protected":false},"author":84,"featured_media":52032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[2355,2361,260],"class_list":["post-52033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-gambia","tag-gambia"],"yoast_head":"\nNFSPMC Purchases Soar In 2021 Despite Challenging Season - Gambia<\/title>\n<meta name=\"description\" content=\"The National Food Security Processing and Marketing Corporation (NFSPMC) reported a significant increase in groundnut ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/all-news\/nfspmc-purchases-soar-in-2021-despite-challenging-season\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NFSPMC Purchases Soar In 2021 Despite Challenging Season\" \/>\n<meta property=\"og:description\" content=\"The National Food Security Processing and Marketing Corporation (NFSPMC) reported a significant increase in groundnut ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/gambia\/all-news\/nfspmc-purchases-soar-in-2021-despite-challenging-season\" \/>\n<meta property=\"og:site_name\" content=\"Gambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-27T07:28:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2024\/01\/sm_1706321620.271394.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"489\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/nfspmc-purchases-soar-in-2021-despite-challenging-season#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/nfspmc-purchases-soar-in-2021-despite-challenging-season\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NFSPMC Purchases Soar In 2021 Despite Challenging Season\",\"datePublished\":\"2024-01-27T07:28:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/nfspmc-purchases-soar-in-2021-despite-challenging-season\"},\"wordCount\":361,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/nfspmc-purchases-soar-in-2021-despite-challenging-season#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2024\/01\/sm_1706321620.271394.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Gambia\",\"Gambia\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/gambia\/all-news\/nfspmc-purchases-soar-in-2021-despite-challenging-season#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/nfspmc-purchases-soar-in-2021-despite-challenging-season\",\"url\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/nfspmc-purchases-soar-in-2021-despite-challenging-season\",\"name\":\"NFSPMC Purchases Soar In 2021 Despite Challenging Season - 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