Camelot Ghana PLC has reported robust financial performance for the nine months ended September 30, 2025, with turnover surging 87 percent over two years and profit after tax nearly quadrupling since 2023, according to unaudited financial statements released to the Ghana Stock Exchange.
The security printing and business forms manufacturer recorded total turnover of 29.1 million Ghana cedis for the nine month period, representing a 40 percent increase from 20.7 million cedis in the same period of 2024 and an 87 percent jump from 15.5 million cedis in 2023. The company’s expanding revenue base demonstrates sustained growth in demand for its security printing products and services across West Africa.
Profit after tax reached 3.7 million cedis in the nine months to September 2025, up from 2.9 million cedis in 2024 and 974,441 cedis in 2023. This represents a 280 percent increase in profitability over the two year period, reflecting improved operational efficiency and stronger margins despite cost pressures in the broader economy.
Earnings per share climbed to 0.5425 cedis, compared to 0.4286 cedis in 2024 and 0.1427 cedis in 2023. The almost fourfold increase in earnings per share since 2023 signals substantially higher profitability on a per share basis, which positions the company favorably for shareholders who received dividends of 461,659 cedis during the period.
Gross profit for the nine months stood at 13.2 million cedis, yielding a gross profit margin of 45 percent. While this represents a slight decline from the 51 percent margin recorded in 2024, the company maintained healthy profitability levels while managing the costs associated with rapid revenue expansion. Operating profit reached 6.3 million cedis, up from 4.7 million cedis in 2024.
The company’s balance sheet showed significant strengthening, with shareholders’ equity growing nearly tenfold to 7.3 million cedis from just 740,931 cedis in 2023. This dramatic improvement stems from retained profits being reinvested in the business, demonstrating management’s commitment to building financial resilience and reducing dependence on external financing.
Camelot Ghana has made substantial progress in debt management, reducing non-current liabilities by more than half from 10.5 million cedis in 2023 to 4.5 million cedis in September 2025. The aggressive debt reduction strategy lowers financial risk and positions the company for sustainable long term growth without the burden of heavy interest payments.
Total assets grew to 23.4 million cedis, driven by a significant increase in current assets to 14 million cedis from 7.3 million cedis in 2023. The expansion in current assets, particularly inventory and cash holdings, suggests the company is preparing for or supporting higher levels of business activity in coming periods.
Cash flow from operating activities reached 5.5 million cedis for the nine months, more than double the 2.1 million cedis generated in the same period of 2024. The strong operational cash generation demonstrates that the company’s core business effectively converts sales into cash, providing resources for debt repayment, capital investment, and shareholder returns.
The company used negative cash flows from financing activities totaling 4 million cedis primarily for repaying loans and paying interest, aligning with the reduction in long term debt visible on the balance sheet. Net cash from investing activities was negative 156,168 cedis, representing purchases of property, plant, and equipment necessary to maintain and grow operations.
Camelot Ghana’s current ratio of 1.20, calculated from current assets of 14 million cedis against current liabilities of 11.6 million cedis, indicates the company possesses sufficient short term assets to cover immediate obligations. While above the critical threshold of 1.0, the ratio suggests liquidity management requires continued attention.
The company operates in the security printing sector, providing services to governmental departments, financial institutions, and multinational organizations across Ghana and neighboring countries including Togo, Burkina Faso, Liberia, Benin, Côte d’Ivoire, Ethiopia, Sierra Leone, and Nigeria. Products range from cheque books and share certificates to electoral ballot papers and lottery tickets.
Camelot Ghana is listed on the Ghana Stock Exchange under the Paper and Packaging sector. The company maintained market leadership in security printing and business forms throughout the period while implementing strategic initiatives focused on innovation and operational efficiency.
The unaudited financial statements indicate a company experiencing strong growth and improving financial health. Management has successfully grown the business while simultaneously strengthening the balance sheet through debt reduction and equity accumulation, positioning Camelot Ghana for sustained performance in future periods.