The Benson Oil Palm Plantation Limited (BOPP) posted a profit of GH9.59 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¢9.59 million to be paid to its shareholders.
The profit, which represents an approximate increase of 25 percent, 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 the Board of Directors announced this at the annual general meeting held at Takoradi.
He said the company processed 82, 154 tonnes of fresh fruits representing an increase of 30 percent as compared to the year 2010.
He attributed the windfall to the good rainfall patterns and good agronomical practices that contributed to higher delivery.
Mr. Yamson said the company also purchased 38, 901 tonnes of fresh fruit bunches, presenting 4 percent of the total production at a cost of GH5.8million 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 percent 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¢2.4million out of a total profit of GH¢9.95million for 2011.
Mr. Yamson said the company’s support for brilliant but need students for Senior High School had now reached 18 in four communities of its catchment areas, namely, Adum-Banso, Benso, Adum-Dominase and Manso. GNA