- Camelot Ghana Profit Rises 19.12% to GH¢2.61 million as Finance Costs Fall
Camelot Ghana PLC recorded a 19.12% increase in profit after tax to GH¢2.61 million for the six months ended June 30, 2026, supported by stronger domestic sales and a sharp reduction in finance costs despite continued weakness in export turnover.
The printing and security-document company generated total turnover of GH¢21.40 million, up 9.33% from GH¢19.57 million in the corresponding period of 2025, according to its unaudited half-year financial statements.
The improvement was driven almost entirely by the domestic business.
Local turnover increased 10.29% to GH¢21.17 million from GH¢19.19 million, while export turnover declined 38.67% to GH¢235,426.57 from GH¢383,871.56.
That left local operations accounting for approximately 98.90% of total revenue, reinforcing Camelot Ghana’s heavy dependence on the domestic market despite its export activities.
The company’s profitability nevertheless strengthened.
Cost of sales increased by a more moderate 7.31% to GH¢11.00 million, allowing gross profit to rise 11.56% to GH¢10.40 million from GH¢9.33 million a year earlier.
The financial statements put gross profit at approximately 49.00% of turnover, compared with a cost-of-sales ratio of about 51.00%, indicating that the company retained nearly half of every cedi of revenue before administrative and selling costs.
Administrative and selling expenses, however, grew faster than revenue.
General administrative and selling expenses increased 14.44% to GH¢6.36 million from GH¢5.56 million, absorbing part of the benefit generated by higher gross profit.
As a result, operating profit rose at a slower 7.31% to GH¢4.04 million, compared with GH¢3.77 million in the first half of 2025.
The more significant earnings support came below the operating line.
Finance costs fell 33.28% to GH¢566,786.01 from GH¢849,506.54, providing a sizeable boost to pre-tax earnings.
Profit before tax consequently advanced 19.12% to GH¢3.48 million, from GH¢2.92 million.
After a tax charge of GH¢869,463.01, Camelot posted profit after tax of GH¢2.61 million, compared with GH¢2.19 million a year earlier.
Earnings per share increased to GH¢0.382 from GH¢0.32, representing growth of 19.38%.
The combination of growing operating profit and lower financing expenses suggests the improvement in headline earnings was supported by both business performance and reduced financing pressure.
That distinction matters because Camelot’s operating expenses continued to rise faster than sales, meaning cost control remains important if earnings growth is to be sustained.
The balance sheet also showed a significant strengthening in shareholders’ funds.
Total assets stood at GH¢25.12 million at the end of June, up only 1.65% from GH¢24.71 million a year earlier.
Within current assets, inventory declined 12.07% to GH¢4.67 million from GH¢5.32 million, while trade and other receivables rose 2.79% to GH¢7.19 million.
Cash and bank balances increased 17.71% to GH¢2.69 million, from GH¢2.29 million.
More strikingly, shareholders’ funds increased 51.64% to GH¢9.44 million from GH¢6.22 million, largely reflecting the accumulation of retained earnings.
Income surplus stood at GH¢9.22 million at the end of June 2026, compared with GH¢6.01 million a year earlier, while stated capital remained unchanged at GH¢217,467.13.
The statement of changes in equity shows that Camelot began 2026 with total reserves of GH¢6.83 million and added the GH¢2.61 million profit generated during the first six months, with no dividend payment recorded for the period.
The company also reduced its overall liabilities materially.
Total liabilities declined 15.17% to GH¢15.69 million from GH¢18.49 million.
Non-current liabilities fell particularly sharply, dropping 60.61% to GH¢2.55 million from GH¢6.47 million.
That movement was driven mainly by a 79.78% decline in non-current interest-bearing loans to GH¢1.01 million from GH¢4.98 million.
Some borrowing appears to have shifted towards the short end of the balance sheet, however.
Current loans increased 17.28% to GH¢3.62 million from GH¢3.09 million, while trade and other payables rose 6.56% to GH¢9.52 million.
Total current liabilities consequently increased 9.31% to GH¢13.14 million.
The composition means Camelot has reduced its overall debt burden but still carries a sizeable concentration of short-term obligations that will require careful working-capital management.
Its shareholder structure remains relatively concentrated.
According to the top-20 shareholder schedule on page seven, West African Data Services Bureau Limited controlled 46.66% of the company’s shares at June 30, 2026, while Strategic Initiatives Limited held 19.03% and Fred K. Mr Apaloo held 8.13%. The top 20 shareholders collectively accounted for 91.12% of issued shares.
Camelot’s first-half performance therefore presents a broadly improved earnings picture.
Revenue growth remained heavily reliant on Ghana, export sales weakened and administrative expenses grew faster than turnover. But stronger gross profit, a one-third decline in finance costs and a substantial improvement in the equity position helped lift profit after tax by 19.12%.
The second half will test whether Camelot can sustain domestic revenue momentum while containing operating expenses and rebuilding its export business.
For now, the financial statements point to a company generating stronger profitability with a significantly improved capital position, even as the composition of its revenue and short-term liabilities leaves areas requiring continued attention.
