Benso Oil Palm Plantation (BOPP) PLC recorded positive growth in the year 2022 business.
The growth trajectory achieved by the company is a reflection of prudent risk management systems, efficient policies and programmes implemented by management under the Board of Directors’ oversight.
Dr. Alfred Braimah, Board Chairman of BOPP PLC – presenting the 2022 annual report and financial statement to shareholders at the company’s annual general meeting held in Takoradi, said the revenue growth represents 59 percent for 2022 against the prior year.
The company, he said, also managed its costs prudently; which resulted in a growth in profit after tax of 73.6 percent.
He reported that key drivers of the sterling performance include a 20 percent growth in the world market trading prices of crude palm oil and prudent cost management – including the review of stock cover policies for major materials such as fertiliser to mitigate the impact of cedi depreciation, notwithstanding the global supply shortages, high input prices and inflation.
He said BOPP recorded a 70.3 percent increase in operating profit and 73.5 percent in profit after tax – GH¢160.354million in 2022 against GH¢92.423million the previous year.
This, Dr. Braimah said, is attributed to improved efficiencies in agronomy and palm oil mill management in addition to prudent cost management.
The company, according to him, processed a total 124,769 metric tonnes of fresh fruit bunches in 2022 – of which it purchased 48,807 metric tonnes from outgrower and smallholder farmers in the catchment valued at GH¢53 million; thereby contributing to the economic empowerment of these farmers and their households and communities.
“The Adum Smallholder Oil Palm Plantation Project was initiated by the company in 2019, and has just started producing certified fresh fruit bunches. From this project, 633 hectares are coming into maturity,” he added.
The board, he mentioned, after reviewing the 2022 full year performance approved a accumulative dividend payout of GH¢2.0743 per share – which represents 45 percent of profit after tax and a 95 percent increase in dividends per share payout in 2022 against 2021.
He said the company continued to retain the enviable Roundtable on Sustainable Palm Oil (RPSO) certification status, and remains a model oil palm plantation for best management practices in Ghana and Africa.
On corporate social responsibility, he clarified that BOPP spent GH¢1.6million on projects such as construction of water-closet toilet facilities, housing facilities and road maintenance, tertiary educational scholarships for deserving students from catchment communities, and other worthy community projects.
The company, he assured, will continue building on its tested resilience strategies in order to navigate the economic downturn and ensure profitability, business continuity and sustainability.
