BOPP made 5.2 billion cedis profit in 2006

Takoradi, May 07, GNA - The management of Benso Oil Palm Plantation (BOPP) Limited made 5.2 billion cedis profit after tax and paid a dividend of 104.54 cedis per share to its 12,239 shareholders for 2006. They however made 152 million cedis profit after tax in 2005 and did not declare any dividend for its shareholders.

Mr Ishmael E. Yamson, Chairman of the Board of Directors of BOPP announced this at its Annual General Meeting at Takoradi on Monday. He said management decided to pay shareholders 70 per cent of the profit after tax, a departure from the normal policy of up to 50 per cent because of their performance and profits made.

Mr Yamson said operating profit of the company during the year under review increased by three per cent from 2.7 billion cedis in 2005 to 3.8 billion cedis in 2006.

He said improvement in the world market prices for palm oil coupled with cost saving measures adopted by management accounted for the profits.

Mr Yamson was optimistic management would purchase and install a bigger steam turbine and boiler to enable the company generate its own energy requirements.