Announcing this at the company’s annual general meeting in Takoradi recently, Mr Ishmael Yamson, Chairman of the Board of Directors, said the profit was a much improvement on the previous year, which realized GH¢1.65 million.
The company, which was formerly a subsidiary of Uniliver Ghana Limited, is now owned by Wilmar Africa Limited, a Singaporean company.
Mr Yamson said during the year under review, the world market of crude palm oil increased from an average of $661 in 2009 to $861, representing 30 per cent rise in dollar terms.
He said as a result, the earnings from crude palm oil sales were favourably affected since the company’s palm oil prices were aligned to the world market price that positively resulted in a 24 per cent increase in revenue, compared with 2009.
Mr Yamson said this year has commenced with a good weather pattern compared with the previous year and it was expected that it would deliver improved crop volumes.
He said the total volumes of fruits production for the year under review was 63,072 tonnes and with the current trend in the world market price of crude palm oil, the company hoped to do better.
Mr Yamson assured the workers that the new management, Wilmar Africa Limited, would abide by the rules and regulations governing their service conditions.
“The company will continue with its social responsibilities, including the offer of scholarships to students,” he said, adding that it had so far offered scholarships to 18 students in four communities in its catchments.
The company’s authorized business includes the growing of oil palm, processing of oil palm fruits, palm kernel and other forms of agriculture.