THE General Manager of Benso Oil Palm Plantation BOPP (PLC), Ing. Samuel Avaala has attributed the company’s five year 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% from last year of GH¢185million 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.
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 Ing. Avaala, profit for the second half of 2023 stood at GH¢ 72million , representing 82% of prior year levels and 80% of plan.
Full year profit recorded in 2022 was GH¢160million compared to GH¢92M in the prior year, representing 74% 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 begun early 2020.
Samuel Avaala, 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.
The Company is committed to conducting its business in a socially responsible and ecologically sustainable manner through the use internationally accepted best practices which deliver sustainable stakeholder and shareholder value.