PBC-Facts Behind The Figures

Review of the Produce Buying Company Limited (PBC) performance has revealed that turnover for cocoa operations increased from GH¢242.324 million to GH¢430.528 million, indicating an increase in the volume of cocoa purchased, as well as the producer price and the buyers take over. The review compared key operational and financial indicators, revenue earned and expenditure incurred to, that of the previous year to be able to assess the performance of the company in the year under review.

The Deputy Managing Director of Finance and Administration of PBC, Mr. Joseph Osei Manu, speaking today, in Accra, disclosed that with a general increase of four per cent in national cocoa production from 680,385 tonnes in 2007 / 2008 to 710,639 tonnes in 2008/2009, the company tonnage purchased increased by a margin of 19 per cent from 208,482 tonnes to 35 per cent as against that of 31 per cent recorded in the previous year.

He stated that the increase in the company's market share and the increase in output percentage that exceeded that of the national output indicated the dedication, commitment and hard work exhibited by the company in the year under review.

He added that the turnover for haulage services increased from GH¢3.155 million to GH¢6.878 million, an increases of 118 per cent due to the increase in the quantity of cocoa hauled at the secondary level by their articulated and cargo trucks.

Mr. Manu said the cost of sales for cocoa operations increased by 81 per cent from GH¢212.275 million to GH¢384.297 million due mainly to increase in producer price and volume of purchases.

He indicated that the net profit before tax for the year came up to GH 7.176 million as compared to the previous year's figure of GH 2.949 million, a significant increase of about 143.3 per cent.

“As a good corporate citizen, the company paid about GH¢209,667 by way of taxes to Internal Revenue Services based on self-assessment of estimated Corporate Income Tax.

The company, he reiterated, intends to pay the appropriate corporate tax based on their current profitability when the final assessment is agreed with the tax authorities.

Mr. Joseph Osei Manu emphasised that his management shall monitor the various investment projects undertaken by the company to ensure that the desired results are achieved and also expand the frontiers of its Information Communication Technology Programme for effective, timely and accurate flow of information.

He re-assured the shareholders and directors of their commitment to their corporate vision of being the market leaders in internal marketing of cocoa in Ghana and continue to provide the necessary leadership through the provision of high quality service to their farmers.

Source: ISD(Antoinette Mintah)