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03.04.2012 Business & Finance

Shea Nut Processing Plant To Be Operational - PBC

By Jessica Acheampong - Daily Graphic
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The Produce Buying Company (PBC) has set up a US$15 million shea nut factory at Buipe in the Central Gonja District to process shea nuts into shea butter for the export market.

The shea nut factory, which is expected to begin full operations by March 2012, forms part of projects by the company to generate additional revenue to augment its operations.

Speaking at the Ghana Stock Exchange’s programme: “Facts behind the Figures,” the Managing Director of PBC, Mr Kojo Atta-Krah, said the company was relying on foreign expertise to run the project when it begins its operations.

“The company is closely working with the Brazilians to import the needed equipment and expertise to implement the project and the Brazilians will be in the country for six months to run a test production of the factory by the end of March,” he added.

Mr Atta-Krah noted that the shea nut factory project, together with other similar ventures to be entered into by the company, was to ensure that revenue generated for the company did not solely depend on the continued existence of the cocoa industry.

Commenting on the performance of the company last year, he said the company had recorded a high level of improvement over the years and it was therefore not a surprise for PBC to be adjudged the number one company on the Ghana Club 100 current rankings.

“During our last financial year ending September 2011, we achieved an unprecedented high profit after tax of GH¢27.655 million as against GH¢14.112 million of the previous year, showing an increase of 96 per cent,” he added.

He also noted that the company’s impressive performance in the year under review had triggered significant improvements in most of the company’s financial indicators as well as operational statistics.

“It has increased turnover by about 105 per cent, increased assets by about 62 per cent, improved returns on both assets and equity and almost doubled profits and dividends,” he said.

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