PBC declares profit

Accra, March 4, GNA - The Producing Buying Company Limited (PBC) on Thursday declared a net profit of over 27 billion cedis last year as against 5.4 billion cedis profit in 2002.

The company has also declared a dividend of 15 cedis per share for the first time since it was listed on the Ghana Stock Exchange in 2000. Nana Timothy Aye Kusi, Chairman of Board of Directors, who disclosed this at the third annual general meeting held in Accra said, the company had cleared its debts of 13.43 billion cedis inherited in 2001.

"The Income Surplus balance before appropriation as at the end of the year under review is 19.09 billion cedis," he added.

Nana Kusi said the company's consistent impressive performance over the years was as a result of implementation of financial policies and operational strategies set out in its corporate plan and the encouragement and support of the shareholders.

He announced that PBC's shares ranked fifth among the top 10 best performers on the Stock Exchange this year and assured the shareholders that both the Board and Management would continue to work hard to sustain the robust growth.

In May 2000, the company was enlisted on the Ghana Stock Exchange and 30.2 per cent of its shares were transferred to the public. The share price grew from 390 per share in May 2003 to 3,415 cedis in March 2004.

Nana Kusi said the Board would continue to encourage Management to find ways of reducing operating costs by improving seed fund recycling rate and reorganizing societies and districts to make the company more efficient.

Mr Emmanuel Owusu Boakye, PBC Managing Director, said the turnover from 716.83 billion cedis to 1.595 trillion cedis, an increase of 122 per cent was due to increase in volume of cocoa purchased; producer price and buyers take over margins.

He said the Company spent over 69.8 million cedis on repair of roads and bridges in rural communities.

Additionally, roofing sheets and cement worth 271.5 million cedis were transferred to the various cocoa buying centres to repair and renovate storage facilities.

Mr Boakye said the Management was determined to maintain the Company's reputation as a good corporate citizen especially in its areas of operation.

He pledged their commitment to continue the computerization programme with the supply of computer hardware to selected districts offices to ensure timely and accurate flow of information. The shareholders commended both the Board and Management for their wonderful performance and urged them to continue with the good work. Dr Yeboah Alex Duodu, Mr Emmanuel Otchere and Mr Joseph Buatsie were re-elected as Directors of the Board.