The Board of Directors and Management of the Benso Oil Palm Plantation, (BOPP), have announced a resilient and continual growth in the 2023 reporting year.
The company’s financial performance also remained strong despite the global challenges in the year.
Dr Alfred Mahamadu Braimah, the Chairman of the Board of Directors told Shareholders when he reported on the 2023 activities and financial statement at their annual General meeting in Takoradi in the Western Region.
He said the company achieved a three per cent year on year revenue increase driven by 13 per cent growth in sales volume, a noteworthy achievement considering the decline in the Crude Palm Oil and Palm Kernel Oil prices.
The Board Chair, reported that the overall profitability of the Company dipped adding that the decrease reflected the impact of the rising cost across various areas including labour, manufacturing overheads, engineering and factory spares, cost of outside purchased fruits.
Meanwhile, improved operating efficiencies in agronomy and Palm oil mill management, was apt.
Dr. Braimah said the company’s total fruit volume grew by 16 percent through agronomic practices and rainfall.
The company also purchased 56,112 metric tons of fresh fruits bunches at a total cost of 88 million from small holders and outgrowers in its catchment area.
The BOPP paid a combined dividend amount to a total payout of 2, 3319 per share for the year 2023 reflecting a significant portion of the company’s profit after tax.
The company focused on safety and environmental responsibility through comprehensive safety training including behaviour based, contractor safety management ensuring zero serious injuries or even fatalities.
In 2023, BOPP invested 2.2milkion in Social Investment projects: nurses’ quarters, Sanitation facilities, community centre as well as scholarships.
Dr Braimah reported: “we are proud to retain our prestigious RSPO certification, solidifying our position as a model for Sustainable oil palm Plantation practices in Ghana and Africa…additionally, our ranking of nineth on the Ghana Club 100 awards demonstrates our continued excellence”.
Though the business climate in 2024 poses a significant challenge, proper control, and risks systems, had been put together to improve efficiency of operations and increase the volume of purchase also from out growers.
The company praised their shareholders, customers, partners for their continuous patronage of the products, peaceful coexistence, love and winning approach to all initiatives.
Mr Samuel Avaala, the Managing Director of BOPP, urged the government to up its game on the illegal intrusion of foreign oil products which was affecting local producers of the commodity.
GNA
LAA
25 May 2024
