Chairman of the Produce Buying Company Limited (PBC), Dr John Frank Abu, has disclosed that the company recorded some profits at the end of the production year 2009.
“Indeed, the company registered a profit-before tax of GH¢7.176 million in the financial year under review as against GH¢2.949 million recorded in the previous year,” Dr Abu declared.
He made this known to shareholders of the company and the general public at the company’s annual general meeting held in Accra recently.
“The 2008/2009 Financial Year has been successful, as evidenced from the significant improvement in the financial performance of the company, thus affirming the avowed desire of the Board and Management to put the Company on the right path of sustained profitability,” he disclosed.
According to him, national cocoa production increased by 4% from 680,385 tonnes in 2007/08 to 710,639 tonnes during the year under review.
“Similarly, your company increased its tonnage purchase by 19% from 208,482 tonnes in 2007/08 to 247,881 tonnes during the year and achieved a market share of 35%.
…This significant increase in output impacted positively on both revenue and profits,” he said.
Dr Abu announced that the board of directors of PBC have proposed a dividend of GH¢0.0037 per share amounting to GH¢1.776 million for payment.
This, according to him, is an increase of 146% over the previous year’s dividend payment.
“…It is worth noting that, the amount of dividend payable represents 34% of after tax profit and 30% of balance on the income surplus account,” he stressed.
Touching on the investments the company has made over the past year, the chairman disclosed that, the company has constructed a very big state-of-the-art Parking Lot at Tema at a cost of GH¢ 1.9 million.
He said the company is establishing a subsidiary company for the processing of sheanut for export.
“The project is on course and all the necessary arrangement towards the successful takeoff has been put in place including an advance payment of $3.699”, he said.
Again, the chairman disclosed that, the company supported the National Best Farmer Awards, by donating cash and other farming inputs to the ministry of agriculture.
“Your Company again supported in the developmental projects to improve the living standard of the inhabitants living in the cocoa growing communities”, he elaborated further.
Dr John Frank Abu assured shareholders and the general public that, the new board and management of the company look into the future to make the company a prosperous and successful one, with Mr Maxwell Kojo Atta-Krah and Ms Cecilia Nyann as the new directors of the board.
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