Accra: 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 pay-out 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 pay-out from 2023.
According to Ghana News Agency, Dr Braimah shared these updates at the Annual General Meeting of the company, where he informed shareholders about BOPP’s performance amidst domestic and global challenges. The plantation processed 121,787 metric tons of palm fruit during the year, a slight decrease from the previous year due to seasonal crop changes and replanting efforts. Additionally, BOPP purchased 46,085 metric tons of fresh palm bunches from out growers 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 reaching maturity. Dr Braimah noted that the success of smallholder projects under sustainable practices enhances the company’s appeal to potential investors.
BOPP’s strategic management earned it recognition as the second-best agribusiness in 2024 and the second runner-up for the best CSR company in Ghana at the recent AGI awards. The company was also ranked 23rd in the Ghana Club 100 companies’ awards and maintains its RSPO certification status, affirming its position as a model plantation for best management practices in Ghana and Africa.
Safety remains a priority for BOPP, with a reported 0.65 lost time injury rate and no serious injuries, underscoring the company’s commitment to safety, health, environment, and quality. BOPP invested approximately GHC1.6 million in corporate social responsibility initiatives, focusing on education, health, sanitation, security, infrastructure, and economic empowerment.
Dr Braimah highlighted the issue of illegal/grey edible oil imports, urging the government to address how they impact local industries, jobs, and tax revenues. The Board supports management’s efforts to implement yield improvement and efficiency initiatives for continued growth.
Mr. Samuel Avaala Awonnea, General Manager of BOPP PLC, called for government action against illegal imports and mining, which threaten business sustainability. He also mentioned BOPP’s use of renewable energy technologies, with over 80% of the palm oil mill’s energy coming from biomass.
During the meeting, shareholders suggested increased investment in IT and encouraged opening up the company for more public shareholding.