BOPP made GH¢13.41 profit last year

The Benso Oil Palm Plantation (BOPP) Limited posted a profit after tax of GH¢13.41 million last year, as against GH¢9.59 million the previous year, representing an increase of about 40 per cent.

Mr Ishmael Yamson, Chairman of the Board of Directors of BOPP, made this known at the Annual General Meeting of the Company at the weekend at Takoradi in the Western Region.

It was on the theme: “A Sustainable Agriculture Future in Ghana.”

The management also approved payment of a total dividend of GH¢2.68 million out of the profit of GH¢13.41 million to be paid to shareholders.

Mr Yamson attributed the improvement in the performance of the company to the increase in volumes and positive impact of cost saving measures and best management practices.

This was also against the background of a 10.4 per cent drop in the world market price of crude palm oil from an average of $1.012 in 2012.

Mr Yamson said safety, health, environment and quality concerns continued to engage the serious attention of the company to help improve the Total Recordable Frequency Rate (TRFR) measures in respect of industrial accidents.

He said in respect of TRFR industrial accidents, 2.4 per cent was recorded in 2012 as against 12.66 per cent in 2011 and that there was no consumer safety incident involving the company’s products that were supplied to its customers in 2012.

In line with its corporate social responsibility, Mr Yamson said the company’s educational scholarships for brilliant but needy students within its catchments area had increased from six to 26 in four communities at the senior high school level.

He said the process to nominate recipients for the 2012/2013 academic year was also in progress.

He gave the assurance that the company was poised to fight stiff competition from similar companies using its superior customer engagement and resources.

Mr Yamson, on behalf of management, commended all stakeholders for their contributions towards the achievements of the company and urged them to focus on building an enduring company.

Mr Samuel Kangah, a former General Secretary of the General Agricultural Workers Union (GAWU), underscored the potential of developing palm oil into biodiesel to assist in dealing with the energy crisis.

He commended the management of BOPP for the safety, health, environment and quality measures embarked upon by the company.