Clydestone Ghana Plc posted a consolidated net profit of GH¢239,522 for the first quarter of 2026, even as revenue fell 93 percent from a year earlier.
The Ghana Stock Exchange (GSE) listed payments firm reported unaudited revenue of GH¢1,432,125 for the three months to March 31, down sharply from GH¢19,775,067 in the same quarter of 2025. The board attributed the gap to a one-off hardware delivery that boosted the 2025 comparative figure, saying no major equipment order landed in the latest quarter. Gross margin told a different story: it climbed to 92.8 percent, up from 26.9 percent a year earlier, as the company leaned on recurring services income, transaction fees and equipment maintenance revenue rather than low-margin hardware sales.
Consolidated total equity rose to GH¢7,762,166 as of March 31, up from GH¢7,428,616 at the end of December, lifted by the quarter’s profit. Total assets stood at GH¢14,387,042 against liabilities of GH¢6,624,876. Earnings per share came in at GH¢0.0070, well below the GH¢0.0827 recorded in the first quarter of 2025.
Management pointed to two hardware orders from banking clients as the trigger for a stronger second half. Both were confirmed in the second quarter and are scheduled for delivery and revenue recognition in the third quarter, one covering cash dispensers, bulk deposit machines and cash recyclers, the other a further contracted equipment order. The board expects the two deals to push the July to September quarter well above Q1 levels and described several additional proof of concept engagements with banking partners as candidates for confirmation later in the year.
Clydestone also flagged progress on SusuCard, a consumer payment platform built on its existing infrastructure that would let the company sell directly to retail customers instead of only serving banks. The product combines digital savings circles modeled on Ghana’s traditional susu system, transport payments and remittance receipt, and it carries a UnionPay branded virtual card. Full commercial launch still needs Bank of Ghana clearance under payment service provider rules.
The company, incorporated in 1989 and listed on the GSE since 2004 under the ticker CLYD, holds an Enhanced Payment Service Provider (EPSP) licence from the Bank of Ghana and remains regulated by the Securities and Exchange Commission of Ghana. Directors Paul Jacquaye and Felistas Kisivo signed off on the statements, which the company said have not been reviewed by external auditors.
