Mega African Capital Limited (MAC.gh), listed on the Ghana Stock Exchange (GSE), recorded a comprehensive net loss of GH¢25.16 million for the full year ended 31st December 2025, sharply reversing the GH¢15.9 million profit it posted in the prior year, according to unaudited financial statements released by the company.
The results mark the firm’s deepest annual setback in recent reporting cycles, with persistent finance costs remaining the primary obstacle to a return to profitability.
Revenue Recovery Cannot Offset Financing Burden
The company delivered a meaningful operational turnaround at the income level. Revenue from investment and operating activities reached GH¢2.21 million, nearly seven times the GH¢320,080 recorded in 2024. That improvement carried through to a profit before finance costs and tax of GH¢1.09 million, a positive swing from the GH¢904,791 operating loss reported at the same stage in the previous year.
Finance costs, however, remained overwhelming at GH¢29.82 million. They consumed the entire operating gain and pushed net losses attributable to shareholders to GH¢28.73 million for the year. Investment revaluation gains of GH¢3.58 million offered partial relief, reducing the total comprehensive loss to GH¢25.16 million.
Balance Sheet Continues to Shrink
Total assets declined to GH¢261.58 million at year end from GH¢339.23 million in 2024, reflecting a contraction in both non-current and current assets. Non-current assets fell to GH¢104.69 million from GH¢144.78 million, driven largely by lower equity investment valuations. Financial assets within current assets stood at GH¢155.83 million.
Net assets attributable to shareholders decreased to GH¢87.73 million from GH¢112.88 million, while the accumulated retained earnings deficit widened to GH¢76.9 million from GH¢51.74 million a year earlier. Stated capital remained unchanged at GH¢22.36 million.
Cash Generation Stands Out
One clear bright spot within the results was cash generation from operations. Net cash flow from operating activities reached GH¢51.15 million, more than three times the GH¢15.86 million generated in 2024. The company closed the year with a cash balance of GH¢301,623, up from GH¢60,395 at the end of 2024.
Net cash from investing activities came in at GH¢990,445, while financing activities, driven by tenured deposit outflows, resulted in a net cash outflow of GH¢51.89 million.
Sole Negative Performer on the GSE in 2025
The financial results align with Mega African Capital’s share price performance during the year. The company was the only equity on the GSE to close 2025 in negative territory, declining 3.3 percent while most listed peers recorded flat or positive returns amid a broader domestic market recovery.
The financial statements were signed by the Chief Executive Officer and two directors. A sworn statement from the Chief Executive Officer affirms that the accounts contain no untrue statements, misleading facts, or material omissions. The statements remain unaudited and accounting policies applied are consistent with those used in the 2024 annual accounts.
