Dr. Alfred Mahamadu Braimah, Chairman of the Board of Directors of the Benso Oil Palm Plantation (BOPP) PLC, has announced a final dividend of GHC0.9085 per share for shareholders for the 2024 financial year. This is in addition to an interim dividend of GHC 1.2270 per share previously declared after reviewing the September year-to-date performance.
This brings the total dividend payout for 2024 to GHC 2.1364 per share, representing 79.96 per cent of the company’s profit after tax. This achievement also marks 91.61 per cent of the dividend per share payout from 2023.
Dr. Braimah shared these details in the 2024 annual report and financial statement presented at the Annual General Meeting, updating shareholders on the company’s robust performance despite having to navigate domestic and global challenges.
During the year, BOPP processed 121,787 metric tons of palm fruit. This was a slight decrease compared to the prior year’s production and is attributed mainly to seasonal changes in crop production and the replanting of some palms. The company also purchased 46,085 metric tons of fresh palm bunches from outgrowers in the Western and Central Regions, costing GHC65 million.
The Board Chairman also announced the new development and replanting of 3,064-hectares of oil palm, a project valued at GHC59 million, with 883 hectares already reaching maturity. Dr. Braimah emphasized the significance of these initiatives, stating, “The success achieved in executing such smallholder projects under sustainable practices makes your company more attractive to potential investors.”
BOPP’s strategic and prudent management earned it the second-best agribusiness award in 2024 and the second runner-up for the best CSR company in Ghana under the recent AGI awards. The company was also ranked 23rd in the recent Ghana Club 100 companies’ awards. BOPP continues to maintain its RSPO certification status, solidifying its position as a model oil palm plantation for best management practices in Ghana and Africa.
Safety remains a priority for BOPP, with Dr. Braimah reporting no serious injuries and a low 0.65 lost time injury rate, reflecting a strong commitment to safety, health, environment, and quality.
The company invested approximately GHC1.6 million in corporate social responsibility initiatives, covering education, health and sanitation, security and social amenities, infrastructure, and economic empowerment.
Dr. Braimah highlighted the pressing issue of illegal/grey edible oil imports, urging the government to pay attention to how that negatively impact local industries, jobs and government tax revenues.
The Board has pledged its full support to management in implementing yield improvement programs at the plantations and other efficiency initiatives to ensure continued growth.
Mr. Samuel Avaala Awonnea, the General Manager of BOPP PLC, urged the government to take a stringent stand against illegal imports and illegal mining, which he stated continue to threaten the existence of businesses, jobs and long-term business sustainability.
He also announced that BOPP PLC is utilizing renewable energy technologies to maintain environmental sustainability, citing the generation of more than 80% of the total energy requirement of the palm oil mill from biomass – generating steam to drive steam turbine-driven generators.
During the meeting, some shareholders called for increased investment in IT and suggested opening up the company for more people to buy shares.
