Samuel Avaala Awonnea, General Manager(2nd from left) and his executives during the presentation
Benso Oil Palm Plantation PLC holds the ‘Facts Behind The Figures’ forum, organized for listed companies on the Ghanaian bourse.
During the session, The General Manager of BOPP, Ing. Samuel Avaala, attributed its five-year growth in profitability to good corporate governance, operational efficiencies with prudent cost management, and improvement in global commodity prices.
2023 half-year turnover growth of 16% from last year of Ghs185M in response to the high world market crude palm oil prices coupled with the higher crop productivity from both the nucleus plantation and the smallholders and out-growers.
Operational efficiencies have also seen sustained high levels and continue to improve while cost discipline practices have ensured that unit production costs have remained controlled in line with the plan.
Profit for 2H2023 stands at GHC 72M, representing 82% of prior year levels and 80% of the plan. Full-year profit recorded in 2022 was GHC160M compared to GHC92M in the prior year, representing 74% growth.
This performance comes on the back of sustained operational efficiencies, strong production volumes, and the recovery of world market crude palm oil prices which began in early 2020.
Samuel Avaala announced that Benso Oil Palm Plantation PLC is set to maintain the strong profit trend to the end of the year by leveraging on its core competencies for production and taking advantage of the bullish world market price trend.
The company is investing in plant and machinery, and outgrower plantations to improve the operating capacity and raw material base of the business. The Company is committed to conducting its business in a socially responsible and ecologically sustainable manner through the use of internationally accepted best practices that deliver sustainable stakeholder and shareholder value.
