PBC records 28.7% increase in profit

Accra, April 24, GNA - The Produce Buying Company (PBC) registered a net profit after tax of GH¢2.110 million in the financial year ended 2008, as against GH¢0.388 million in the previous year. Cocoa production also rose by 11% from 614,532 tonnes in 2007 to 680,385 tonnes in 2008 and PBC increased its cocoa purchase by 12%, representing 208,482 tonnes, in 2008 to achieve a market share of 31% as against 186,051 tonnes in the previous year. Nana Timothy Aye Kusi, Chairman of the Board of Directors of PBC, disclosed this at the company's Annual General Meeting (AGM) in Accra on Friday.

Shareholders received 15 Ghana pesewas per share as dividend after deficit on income surplus accounts resulting from losses incurred in the previous years was cleared.

The shareholders also approved resolutions to effect changes in the directorship of the company as well as amended regulations to allow for conversion and/or issuance of shares in electronic data form in compliance with requirements of the Ghana Stock Exchange. Nana Kusi announced that PBC would in the next year venture into shea butter processing as a means to diversifying its revenue base. He said a memorandum of understanding had already been signed with a Brazilian company to provide the PBC with machines to commence the project. Nana Kusi said the company's haulage system which ensured that cocoa beans from the hinterland were conveyed to accessible towns was also on course. He said management would rationalise the operational activities of the company through society and district reorganization to reduce operational costs and ensure efficiency. He gave the assurance that the company would continue to play a lead role in honouring its corporate social responsibilities to the catchment areas of its operations. 24 April 09