The Benso Oil Palm Plantation (BOPP), a subsidiary of Unilever Ghana Limited, registered an increase of operating profit of GH¢4.39 million in 2008 as against GH¢1.80 in 2007, representing 144 per cent profit.
This was disclosed by Mr. Ishmael K. Yamson, chairman of the Board of Directors of the company, at its annual general meeting of share holders in Takoradi.
He attributed the success story to the high prices of crude palm oil on the world market and the company's prudent activities resulting in cost savings and efficiency leading to a profit after tax of 562 per cent.
Mr. Yamson said BOPP closed the year 2008 with a total production of 86,979 metric tones of palm fruits, representing an increase of three per cent over that of 2007.
He explained that the marginal increase was because about 50 per cent of the company's plantation was under replanting and that the benefits would begin to show in the next two or three years.
Mr. Yamson said the company purchased 30,447 metric tones of fresh palm fruit bunches at a cost of GH¢2.97 million from 5,000 small-holders and out-grower farmers in the Western and Central Regions, resulting in regenerating of wealth and improvement in the standard of living of the farmers.
He noted that even though Ghana was set to emerge as a major oil producer by 2010, significant revenue gains were not likely to become available soon.
Mr. Yamson said it was also doubtful whether official development assistance form traditional development partners could rise sufficiently to offset decline in foreign direct investment.
He said BOPP had embraced the principles of sustainable development to ensure that future generations benefited from today's actions.
Mr. Yamson said the company has initiated action for
the roundtable on sustainable palm oil (RSPO) certification.
He explained that the RSPO was a global multi-stakeholder initiative on sustainable palm oil, which was a unique platform for pragmatic co-operation towards an increase in palm oil production.
Mr. Yamson said BOPP continued with its social responsibility programmes by assisting communities within its catchment area in education, health and sanitation and that the company had supported Adum Banso community to construct a teachers' hostel and a 10-seater KVIP.
He said the company was also putting up a three-classroom block for the Benson Wassa community with the first phase of the project complete.
Mr. Yamson noted that the country remained stable after the 2008 Election, indicating that its democracy had mature and could serve as a model for Africa.
He said that this achievement should enhance Ghana's competitiveness as an investment destination in the world.
The shareholders commended the management of BOPP for its good performance and urged it to work harder.