Benso Oil Palm makes GH¢9.59m profit in 2011

The Benso Oil Palm Plantation Limited (BOPP), raked a profit of GH¢9.59 million last year as against GH¢2.67 million in 2010.

As a result, the company declared a total dividend of GH¢2.4 million out of a total profit of GH¢9.59million to be paid to its share holders.

The profit, which represents an approximate increase of 25 per cent was due to the increase in volumes, upward movements in the world market price of crude palm oil, and the positive impact of cost saving initiatives as well as best management practices embarked upon by the company.

Mr. Ishmael Yamson, Chairman of Board of Directors of BOPP, announced these at their annual general meeting at Takoradi on the theme: “Sustainable agriculture.”

He said the company processed 82,154 metric tons of fresh fruits, representing an increase of 30 per cent as compared to the year 2010.

Mr. Yamson said the success was due to good rainfall pattern and good agronomical practices that contributed to higher productivity.

He said the company also purchased 38,901 metric tons of fresh fruit bunches representing 47 per cent of the total production at a cost of GH¢5.8 million from small holders and out grower farmers in the Western and Central Regions, which created considerable wealth in the catchment rural economies.

He said operating profit went up by 282 per cent from GH¢2,426,000 in 2010 to GH¢9,267,000 in 2011, and that in addition to high prices of crude palm oil and increase in volumes, the company continued with its cost savings and efficiency measures to improve its performance.

The company paid a dividend of GH¢2.4 million out of a total profit of GH¢9.95 million for 2011, according to Mr. Yamson.

He said the company was supporting 18 brilliant but needy students in Senior High School in Adum-Banso, Benso, Adum-Dominase and Manso in the catchment area.

Source: GNA