Twi-Fry Oil Palm Plantations Limited (TOPP), which is 80.46% owned by the Government of Ghana, has presented a total dividend payment of
GH¢30.89 million for fiscal years 2021 and 2022.
The dividend was formally presented at an event attended by government officials including Ghana’s Finance Minister Ken Ofori-Atta.
TOPP has experienced significant growth in recent years, now ranking among the top three palm oil companies in Ghana. In 2022, the company generated total revenue of GHC164 million, representing a 27.4% increase from GH¢129.1 million revenue in 2021. Profit also increased from GH¢51.8 million in 2021 to GH¢76.2 million last year.
Increased profits have allowed TOPP to provide generous dividends to shareholders. The Government, with its 80.46% ownership stake, received GH¢30.89 million, which Mr Ofori-Atta graciously accepted on behalf of the people of Ghana.
In his remarks, Minister Ofori-Atta commended the management of TOPP for its strong financial management. “This achievement is driven by good management practices, improved controls, favorable global palm oil prices and board oversight,” he said,.
The Finance Minister said the dividend payout is in line with the government’s expectations for state-owned enterprises and joint venture companies. He said, “The state expects the same from all organizations in which it has equity ownership, whether it is a joint venture company like TOPP or a state-owned enterprise. This is a reasonable expectation, and we insist on it in this ministry.” Are.”
Mr Ofori-Atta acknowledged that Ghana has faced challenging economic conditions in recent years, including high inflation and debt obligations. However, he expressed hope that the situation is improving based on the recent decline in inflation and positive economic indicators.
“In fact, we have changed the situation and things may be better,” he said. “Companies like TOPP benefit from the government’s commitment to creating a conducive environment, enabling them to grow.”
TOPP and its management, Unilever Ghana Plc, have indicated that the company continues to be in a strong position. They have indicated strong performance in key metrics such as profit, revenue and dividends in 2023.
Government officials welcomed the positive outlook, emphasizing that TOPP growth translates into significant economic benefits for the country and allows substantial investment in local communities.
Ghana’s economic landscape is witnessing a remarkable success story as Twi-Fry Oil Palm Plantation Limited (TOPP) with 80.46% ownership by the government proudly paid a total dividend of GH¢30.89 million for the financial years 2021 and 2022. Has announced. The achievement was formally unveiled at a ceremony attended by high-profile officials including Ghana’s Finance Minister Ken Ofori-Atta.
TOPP has emerged as an outstanding performer in recent years, earning its place among the top three palm oil companies in Ghana. The year 2022 marked a significant milestone for the company, with total revenues of GHC164 million, representing an impressive growth of 27.4% from the previous year’s revenues of GH¢129.1 million. Notably, profits also saw a substantial increase, rising from GH¢51.8 million in 2021 to GH¢76.2 million in the previous year.
This strong financial performance has enabled TOPP to generously reward its shareholders, with the government, which holds an 80.46% stake, receiving GH¢30.89 million. Minister Ofori-Atta humbly accepted this dividend on behalf of the people of Ghana, acknowledging the positive impact it has had on the country’s economy.
Minister Ofori-Atta commended TOPP’s management for commendable financial stewardship, attributing the success to effective management practices, stringent control measures, favorable global palm oil prices and vigilant monitoring by the Board. This accolade underlines the importance of good management in driving economic growth.
Speaking on the economic challenges facing Ghana in recent years, Minister Ofori-Atta expressed optimism about positive changes. He highlighted recent improvements in economic indicators and reduction in inflation, and stressed the government’s commitment to creating a conducive environment for businesses like TOPP to flourish.
The Finance Minister emphasized that dividend payout is in line with the government’s expectations for both state-owned enterprises and joint venture companies. He stressed, “This is what the state expects from all organizations in which it has equity ownership, whether it is a joint venture company like TOPP or a state-owned enterprise. This is a reasonable expectation, and we emphasize this in this ministry.” Let’s give.”
Acknowledging the macroeconomic context, Mr Ofori-Atta said Ghana faced challenges such as high inflation and debt obligations. However, he expressed confidence that recent reforms, as well as a commitment to creating a conducive business environment, will pave the way for sustained economic growth.
In terms of future prospects, both TOPP and its management partner, Unilever Ghana Plc, have indicated a positive outlook for 2023. The company is expected to maintain its strong performance across key metrics such as profit, revenue and dividend.