Benso Oil Palm Plantation (BOPP) faced a challenging Q4 2023, as revealed in its financial statement with a net profit of GHS 101 million.
This marked a notable reduction of GHS 59 million from the GHS 160 million recorded during the same period last year. The dip was primarily attributed to an upswing in the cost of sales, which escalated from GHS 161 million to GHS 221 million.
This is while revenues remained relatively stable, registering at GHS 340 million and GHS 351 million in Q4 2022 and Q4 2023 respectively. Hence, the increased cost of sales evidently impacted the company’s profitability.
Total assets of BOPP witnessed a modest uptick, growing from GHS 324 million in Q4 2022 to GHS 358 million in Q4 2023. This growth was chiefly propelled by an expansion in non-current assets, reaching GHS 181 million at the close of December 2023.
Concomitant with the growth in assets, liabilities also experienced an uptrend, rising from GHS 55.9 million in Q4 2022 to GHS 67 million in Q4 2023. This points towards increased financial obligations during the review period.
A notable highlight is the commendable surge in shareholders’ equity, valued at GHS 291 million at end-December 2023. This represents a substantial increase from the GHS 268 million recorded during the corresponding period in the previous year, underscoring the resilience and equity growth of BOPP.