Camelot Ghana Public Limited Company (PLC) capped a year of impressive growth with net profit jumping 42.8% to GH¢3.7 million for 2025, despite falling short of revenue targets as currency pressures squeezed margins in the security printing sector.
The Accra based business forms manufacturer recorded revenue of GH¢37.6 million for the year ended December 31, 2025, representing 38.0% growth from GH¢27.2 million in 2024. However, this performance fell 7.1% below internal budget projections set at the beginning of the year.
Earnings per share climbed to GH¢0.5360 from GH¢0.3753, matching the 42.8% profit growth and delivering enhanced returns to shareholders. The company’s profitable performance extended a multiyear trend of strengthening financial results since emerging from operational challenges in prior periods.
Gross profit expanded 33.6% to GH¢16.9 million from GH¢12.6 million as the company improved margins despite currency headwinds. Operating profit rose 25.6% to GH¢6.6 million from GH¢5.3 million, reflecting disciplined cost management across the business.
The revenue shortfall stemmed primarily from the cheque printing division, which delivered results 14% below budget. This segment continues facing structural headwinds as Ghana’s banking sector accelerates adoption of digital payment platforms, reducing demand for traditional paper based instruments.
In contrast, the flexo printing business exceeded targets by 9%, compensating partially for weakness in security cheque production. This division manufactures continuous and cut sheet stationery including insurance forms, Optical Character Recognition (OCR) documents, bankers drafts and airline boarding passes for corporate clients.
Cost of sales increased 41.9% to GH¢20.7 million from GH¢14.6 million, driven largely by foreign exchange pressures in the first quarter of 2025. High United States (US) dollar exchange rates against the Ghana cedi inflated the cost of imported raw materials essential for security printing operations.
Finance costs declined 7.8% to GH¢1.6 million from GH¢1.7 million as the company continued servicing its flexo business loan while maintaining lower debt levels. This reduction in interest expense contributed to the bottom line improvement alongside operational gains.
Shareholders’ equity surged 79.1% to GH¢7.2 million from GH¢4.0 million in December 2024, reflecting the company’s strategy of retaining earnings to strengthen the balance sheet. This substantial equity growth reduces financial vulnerability and positions Camelot for future expansion without excessive leverage.
Cash and cash equivalents dropped 51.5% to GH¢965,174 from GH¢2.0 million as the company deployed liquidity toward debt repayment and working capital needs. Loan repayments totaled GH¢3.6 million during the year, down marginally from GH¢3.7 million in 2024.
Net cash generated from operations reached GH¢2.8 million for the year, providing sufficient internal funding to service debt obligations while maintaining operations. However, the combination of loan repayments and working capital adjustments consumed available cash reserves.
Inventory levels decreased significantly, with a drawdown of GH¢4.8 million compared to a GH¢629,556 build in the prior year. This inventory reduction released working capital but may constrain the company’s ability to fulfill sudden large orders without advance planning.
Trade receivables increased GH¢2.8 million compared to a GH¢1.7 million rise in 2024, indicating extended payment terms to customers or collection timing issues. Trade payables expanded GH¢4.4 million after declining GH¢119,244 the previous year, suggesting deferred supplier payments as a cash management strategy.
The security printer serves governmental departments, financial institutions and multinational organizations across Ghana, Togo, Burkina Faso, Liberia, Benin, Cote d’Ivoire, Ethiopia and Sierra Leone. Products include security cheques, vouchers, tickets, lottery documents, council tax forms, poll cards, electoral ballot papers and revenue collection instruments.
Camelot maintains compliance with Bank of Ghana standards for cheque printing and continues assessing adherence to Securities and Exchange Commission (SEC) corporate governance code requirements. BakerTilly Andah & Andah serves as external auditor for the company.
West African Data Services Bureau Limited holds 46.66% of issued shares, representing the largest shareholder stake in the company. The remaining shares trade on the Ghana Stock Exchange (GSE) under ticker symbol CMLT in the Paper and Packaging sector.
The company was incorporated in 1977 and commenced operations in 1980, listing publicly on the GSE in 1999. Operations are based at the Osu La Road location behind Regal Cinema in Accra, with Universal Merchant Bank Limited maintaining the share registry.
Recent share prices traded at GH¢0.14 as of September 2025, valuing the company at approximately GH¢957,000 based on 6.83 million shares outstanding. The low market capitalization reflects limited trading liquidity typical of smaller GSE listed firms.
The company held its 2025 Annual General Meeting in June, where shareholders approved financial statements and management recommendations. Directors declined to propose dividends for 2024 despite the profitable performance, prioritizing balance sheet strengthening over shareholder distributions.
Looking forward, management faces the challenge of adapting the business model to declining cheque volumes while expanding higher margin flexo operations. Success requires winning new corporate contracts in growth segments while managing currency exposure on imported materials.
The International Financial Reporting Standards (IFRS) compliant financial statements remain unaudited pending external auditor review. PKF Accountants & Business Advisers previously served as auditors before the company transitioned to BakerTilly Andah & Andah for the current period.
Camelot’s strong 2025 performance demonstrates the company’s ability to grow profitably despite revenue falling short of ambitious targets. The combination of 38% revenue growth, 43% profit expansion and substantial equity building positions the security printer favorably for continued development in 2026.
