Benso Oil Palm Plantation (BOPP) PLC has announced a total dividend of GH₵2.1364 per share for the 2024 financial year, rewarding shareholders with nearly 80 per cent of the company’s profit after tax.
The declaration was made by the Chairman of the Board of Directors, Dr Alfred Mahamadu Braimah, during the company’s Annual General Meeting.
The total dividend comprises a final dividend of GH₵0.9085 per share and an earlier interim dividend of GH₵1.2270 per share, reflecting strong returns despite a marginal drop in production levels.
“This brings the total dividend pay-out for 2024 to GH₵2.1364 per share, representing 79.96 per cent of the company’s profit after tax,” Dr Braimah stated. He noted that this also constituted 91.61 per cent of the dividend payout achieved in 2023.
Addressing shareholders, Dr Braimah commended the company’s resilient performance in the face of both local and global headwinds.
In 2024, BOPP processed 121,787 metric tonnes of palm fruit, a slight decrease from the previous year due to seasonal changes and ongoing replanting efforts. The company also acquired 46,085 metric tonnes of fresh palm bunches from outgrowers in the Western and Central Regions, costing GH₵65 million.
A major development during the year was the replanting and development of 3,064 hectares of oil palm, valued at GH₵59 million. Of this, 883 hectares have already reached maturity. “The success achieved in executing such smallholder projects under sustainable practices makes your company more attractive to potential investors,” Dr Braimah remarked.
BOPP’s commitment to sustainable operations and corporate governance earned it several accolades, including second-best agribusiness at the 2024 AGI awards and second runner-up for best CSR company. It was also ranked 23rd in the Ghana Club 100 rankings and continues to maintain its RSPO certification, a globally recognised standard for sustainable palm oil.
The company’s emphasis on workplace safety yielded significant results, recording no serious injuries and maintaining a lost time injury rate of 0.65. Dr Braimah attributed this to BOPP’s “strong commitment to safety, health, environment, and quality.”
On the corporate social responsibility front, BOPP invested GHC1.6 million in projects spanning education, health, sanitation, security, infrastructure, and economic empowerment.
However, the Board Chairman expressed concern over the influx of illegal and grey edible oil imports into Ghana. “Government must pay attention to how this negatively impacts local industries, jobs, and government tax revenues,” he urged.
Echoing this sentiment, the company’s General Manager, Mr Samuel Avaala Awonnea, called for decisive government action against illegal imports and illegal mining. “These practices threaten the existence of businesses, jobs, and long-term business sustainability,” he warned.
Mr Awonnea also highlighted BOPP’s drive for environmental sustainability, stating that the company now generates more than 80 per cent of its palm oil mill’s energy requirements using biomass. “We use steam from biomass to drive our steam turbine-driven generators,” he said.
During the meeting, shareholders called for increased investment in information technology and proposed that the company consider expanding its shareholding base to allow more Ghanaians to invest.
The Board pledged its unwavering support to management in pursuing yield improvement strategies and operational efficiency to secure continued growth and value for shareholders.
