Camelot Ghana’s US$2.46M revenue fuels 27% profit rise as security printing defies digital shift

GHANA – Camelot Ghana has confirmed a 27 percent increase in profit after tax to GH¢3.26 million (approximately US$217,000) for the year ended 31 December 2025, driven by local sales growth as revenue rose to GH¢36.97 million (approximately US$2.46 million) from GH¢28.11 million (approximately US$1.87 million) the previous year.

The Accra-based security printing and business forms manufacturer, listed on the Ghana Stock Exchange under the ticker symbol CMLT in the Paper and Packaging sector, has been incorporated since 1977.

Gross profit advanced to GH¢16.59 million (approximately US$1.10 million) from GH¢13.59 million (approximately US$904,000), while profit before taxation reached GH¢4.49 million (approximately US$299,000), up from GH¢3.57 million (approximately US$238,000).

Balance Sheet Strength and Dividend Declaration

Total assets grew to GH¢27.71 million (approximately US$1.84 million) from GH¢24.81 million (approximately US$1.65 million), and total equity strengthened to GH¢6.83 million (approximately US$455,000) from GH¢4.03 million (approximately US$268,000), a nearly 70 percent improvement year-on-year.

Cash and cash equivalents, however, declined to GH¢963,913 (approximately US$64,200) from GH¢1.93 million (approximately US$128,500), with the company directing cash toward loan repayments totaling GH¢3.44 million (approximately US$229,000) during the year.

The board of directors resolved to pay a dividend of GH¢586,136 (approximately US$39,000) for the 2025 financial year, equivalent to GH¢0.086 per share, payable in 2026.

The stated capital remained unchanged at GH¢217,467 (approximately US$14,500), with 6,829,276 ordinary shares issued and fully paid.

Auditor’s Note on Transparency

The audited statements were signed off by Baker Tilly Andah and Andah, which issued an unqualified opinion on the financial statements.

Auditors flagged inadequate narration in the company’s ledgers as a key audit matter, noting it raised the risk of incomplete audit trails and reduced transparency in financial reporting, a technical concern for investors but not one that affected the unqualified opinion on the numbers themselves.

The Takeaway

For Ghana’s printing and packaging sector, Camelot’s revenue growth to GH¢36.97 million (approximately US$2.46 million) demonstrates that security printing and business forms remain resilient even as digital transformation accelerates across the continent.

Local sales growth suggests demand for cheques, certificates, identification documents, and other secure printed products continues to support established printers.

With total equity strengthening by nearly 70 percent year-on-year, Camelot has built a healthier balance sheet to weather market headwinds.

The dividend payout, while modest at GH¢586,136, signals confidence in sustained cash generation from a sector many had written off as obsolete.

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