Benso Oil doubles after-tax profit in 2020

Business News of Wednesday, 5 May 2021


The company delivered profit after tax of GH¢20.69 million The company delivered profit after tax of GH¢20.69 million

Benso Oil Palm Plantation (BOPP), the company involved in growing and processing crude palm into oil products for domestic consumption, posted a stellar performance in 2020 despite the coronavirus pandemic, doubling profits achieved in 2019.

The company delivered profit after tax of GH¢20.69 million compared with GH¢9.65m the previous year, representing an improvement of 156 percent.

It said the performance was largely as a result of stable oil palm production amidst relatively higher palm oil prices on the international market.

“The level of profitability was impacted by the 19 percent growth in the trading prices of crude palm oil and crude palm kernel oil notwithstanding the 5 percent decline in crop production. There was however improvement in operating efficiencies to tame the cost of business amid the COVID-19 pandemic,” it said in its 2020 annual report to investors.

In 2020, the world market price of crude palm oil (CPO) increased from an average of US$574 in 2019 to US$683, representing a 19 percent growth in dollar terms, while the price of palm kernel oil (PKO) surged from an average of US$655 in 2019 to US$782, also representing 19 percent growth.

Despite the uncertainties in the business operating environment resulting from the COVID-19 pandemic, BOPP said that prices are expected to remain fairly stable on the global market. It added that given the good rainfall in 2020 and best agronomic practices in place, the business will continue to post reasonable results.

Football news:

The Premier League will be 1st in the UEFA coefficient table for the first time in 9 years and will break the La Liga record for points in a season
Hakimi is open to a move to Bayern. For him, you will have to offer at least 45 million euros
Marez was named the best player of the week in the Champions League. He scored twice for PSG in the semi-final
Arsenal are now middling with the expectations and fan base of a top club. Arteta is part of the problem, but he will stay (due to Kroenke's passivity)
Chelsea players will receive about 11 million pounds in bonuses if they win the Champions League and the Cup. In Man City, the amount is higher - 15 million for winning the Champions League
Romelu Lukaku: Zlatan wins for himself, I win for Inter, Ronaldo wins for Juve. Serie A needs players of this level
Atletico President: Messi is the best player in the world. He is very important for La Liga, for all 20 teams. We are Interested in his future