Chairman of Cocoa Processing Company (CPC) Limited Mr J. S. Arthur
Chairman of Cocoa Processing Company (CPC) Limited, J. S. Arthur, has disclosed that his outfit recorded losses in the 2009 fiscal year.
According to him, CPC generated an amount of GH¢45,541,422 in revenue as compared with a restated figure of GH¢59,264,796 in 2008, meaning that a deficit of GH¢16,947,591 was recorded last year.
Mr Arthur disclosed this when addressing share holders at its Annual General Meeting (AGM) last Wednesday.
Furthermore, he said since the inauguration of the new board, several meetings have been held to deliberate and take fruitful decisions which will go a long way to enhance operations of the company.
The chairman, however, seized the chance to commend shareholders of the company for their enormous support and, thereby urged them not to hesitate to criticize management of the company when necessary.
“We will need a continued total support from you our shareholders to overcome the challenges facing your favourite company for the years,” he emphasised.
Mr Arthur continued that the global economic crunch in 2008 adversely affected the smooth running of the company, but was quick to add that things were getting better now.
Against that background, he revealed that the factory has acquired a new plant which has the capacity to process more than 64,500mt of raw cocoa beans per annum.
“The challenge was how to raise the adequate working capital to fund about 5,400mt of cocoa required every month for the factories to operate at a full capacity.
…In view of the operational losses resulting from the challenges faced, the directors are unable to recommend any dividend for the year 2008/2009,” he disclosed.
Mr Arthur indicated that the operations of the Ghana Stock Exchange (GSE) Securities Depository Company Limited began on 14th November 2008 with the voluntary deposit by investors of shear certificates for immobilization.
This, according to him, is in accordance with section 12 (2) of the central securities depository act, 2007 (Act 733), and is only the first of various steps to be taken by GSE’s to make the transition from the use of paper shear certificates to electronic book entry securities.
He said the company remained committed to ensuring the safety and health of its employees.
The operations of the company will be therefore be subjected to regular evaluation and re-evaluation by the Environmental Protection Agency (EPA).
“The board and management of the company have taken concrete steps to reverse the trend experienced this year.
…As we have already taken delivery and commenced the installation of the complementary machinery for the hydraulic presses and the cocoa cake handling unit in the second factory (i.e. cocoa ll)”, he reassures.
The chairman explained that these additions to the existing machinery will indeed facilitate the rapid achievements of the programmed plant utilization of 5,000mt cocoa per month throughout.
STORY: CHARITY A. SACKITEY AND EMELIA N. A. ARYEE.