The Board of Directors and Management of the Benso Oil Palm Plantation (BOPP) have announced 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, and cost of outside purchased fruits.
Meanwhile, improved operating efficiencies in agronomy and Palm oil mill management were apt.
Dr. Braimah said the company’s total fruit volume grew by 16 per cent through agronomic practices and rainfall.
The company also purchased 56,112 metric tons of fresh fruit bunches at a total cost of 88 million from smallholders and out-growers in its catchment area.
The BOPP paid a combined dividends 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. million 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 ninth on the Ghana Club 100 awards demonstrates our continued excellence”.
Though the business climate in 2024 poses a significant challenge, proper control and risk systems, had been put together to improve the efficiency of operations and increase the volume of purchases also from out-growers.
The company praised their shareholders, customers, and 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.
