Public Agenda (Accra)
Oppong Baah
15 August 2008
Kumasi — For the second successive year the Directors of Divine Chocolate - a Fairtrade Company based in United Kingdom (UK) and co - owned by cocoa farmers - have recommended dividend to shareholders.
The largest shareholder in Divine Chocolate is Kuapa Kokoo Farmers Union in Kumasi, Ghana. They provide the bulk of Cocoa, receive a Fairtrade price for it, and also participate as owners in the management of the company.
Other shareholders are: Twin, Oikocredit and Christian Aid, all in UK.
Mr. Sandy Balfour, chairman of Divine Chocolate, who made this known at the 14th Annual Delegates Conference of Kuapa Kokoo in Kumasi, said the company's performance reflected a year of consolidation and growth following the launch of its sister company, Divine Chocolate Inc, in the United States in 2006.
He disclosed that in the UK market the company grew by 19% and made pre-tax profits of £635,000.
He assured the shareholders that as Divine Chocolate continues to grow dividends - the return on capital - will out strip other benefits in volume and importance.
This he said, was in line with the company's mission which was to improve the livelihood of small holder cocoa producers in West Africa by establishing their own dynamic brand in the UK chocolate market, thus putting them higher up the value chain.
"Ours is a vision of a set of trading relationships in which people are valued as much as profit", he said.
Stressing on growth, Mr. Balfour said passing the £10 million turnover mark was a significant achievement for Divine in 2008.
"Up £600,000 on budget, this meant that, after the adjustment out of US sales in last year's sales income, Divine saw a year - on - year sales increase of 26%", he explained.
He pointed out that in a market that had been largely static, nine years of average year - on - year growth of around 20% was remarkable, and a testament to a great brand, a passionate, tenacious and dynamic team behind it, and thousands of enlightened consumers..
Divine Chocolate won the "Best Social Enterprise Awards of 2007" at the Enterprising Solutions Awards, the "Best Ethical Product", the "Confectionery Product of the Year", whilst its Managing Director Sophi Tranchell took the "First Woman of Retail and Property" award for 2007.
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