By Francis Akinnodi

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It was celebration galore for the shareholders, Directors and Management of Araromi-Ayesan Oil Palm Plc as the company held her 2023 Annual General Meeting in Akure.

It was an avenue to present its reports and accounts for the 2023 business year where stakeholders lauded its performances

The company recorded a total income of N1,200,582,300.00 which was about 20 percent increase on the previous year

The company approved dividend of 4 kobo per ordinary shares of 50 kobo to shareholders

The bonus was approved by the shareholders as recommended by the Board of Directors.

Chairman, Board of Directors of the company, Dr. Adeola Alonge in his statement said the company was able to record organic revenue growth despite the high inflation challenges faced in the year 2023, adding that the safety performance also improved.

“It is with pleasure I report that safety performance improved during the year. Year 2023, without doubt is a challenging year, characterized by, inta alia, with high inflation as well as socio-political challenges. We are able to record organic revenue growth…”

He assured that the company is well positioned to capitalize on emerging opportunities, drive sustainable growth and value creation in the year ahead.

This, Alonge, said is based on the ongoing scheduled replants of about 150 hectares of palm coupled with plans for the development of undeveloped land.

He said the company is committed to Corporate Social Responsibility as well as continued investment in community development projects and education aimed at empowering the host communities and fostering their future sustainable growth and development.

He expressed appreciation to the shareholders, regulators, management, staff and stakeholders for their steadfast support, dedication and commitment to their corporate success.

Defending the external audit committee reports on the two financial years, the Chairman Audit Committee, Sir Rufus Falona said the external audit reports were in accordance with legal requirements and agreed ethical practices

Some of the shareholders, who commented on the reports, expressed satisfaction with the management board of the company, describing the financial reports as transparent and credible.

The mission of Araromi-Ayesan Oil Palm (AAOP) Plc is to become one of the leading agro-business companies in Nigeria, by effectively and efficiently managing Plantations through an extremely motivated personnel, functioning in agreement with other stakeholders and ultimately declaring favourable returns to the shareholders.