Benso Oil Palm Plantation (BOPP) PLC, a Ghanaian company based in the Adum Banso Estate in the Western region of the country has for the past five years been experiencing exponential growth in spite of the general economic decline the West African nation is going through.
Samuel Avaala Awonnea, general manager of the agricultural firm, attributed the company’s growth in profitability to good corporate governance, operational efficiencies with prudent cost management and improvement in the global commodity prices.
The 2023 half year turnover growth of 16 percent from last year of GH¢185 million 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 outgrowers had positively impacted the company’s bottom line.
Speaking at the Facts Behind The Figures hosted by the Ghana Stock Exchange (GSE), recently, the general manager disclosed that operational efficiencies had also seen sustained high levels and continued to improve while cost discipline practices had ensured that unit production cost remained controlled in line with plan.
According to Awonnea, profit for the second half of 2023 stood at GH¢ 72 million, representing 82 percent of prior year levels and 80 percent of plan.
Full year profit recorded in 2022 was GH¢ 160 million compared to GH¢ 92 million in the prior year, representing 74 percent growth.
This performance comes on the back of the sustained operational efficiencies, strong production volumes and the recovery of world market crude palm oil prices which began early 2020.
The general manager announced that “Benso Oil Palm Plantation PLC is set to maintain the strong profit trend to the end of 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.
BOPP, he pledged, is committed to conducting its business in a socially responsible and ecologically sustainable manner through the use of internationally accepted best practices which deliver sustainable stakeholder and shareholder value.
