Camelot Ghana Limited says it is re-positioning itself strategically to harness the opportunities offered in the local cheque market to significantly boost its revenues.
“We will continue to further consolidate our positions with other clients in the international market by enhancing our product-quality through innovation and application of modern technologies.
“We look forward to a brighter future and will be working together with all stakeholders to build an enviable company delivering high returns to our shareholders.”
John Colin Vilars, Group Managing Director, made this known to B&FT after its Annual General Meeting (AGM) held in Accra.
He disclosed that Camelot has secured five million euro to undertake effective technological re-engineering to improve its operations, which will enhance product delivery.
“The company expect to grow its balance sheet, consolidate and become solid with a 20% growth rate; but 2012 will be the real push where the dividend will be seen manifesting.
“The new investment will ensure that beyond September this year, we’ll serve more clients both locally and the West African market,” he revealed.
Dr. Sam Mensah, Board Chairman, stated that Camelot group recovered from an exceptionally weak performance by its subsidiary that negatively affected its performance in 2009 by posting an impressive performance in 2010.
This was on the back of improved performance by both the parent company in Ghana and Nigeria, the group’s profit after tax grew by 290% from GH¢48,497 in 2009 to GH¢189,054 in 2010.
The improved performance culminated in a 106.81 % improvement in shareholders’ funds. This is an indication of its strengths and capability to remain competitive in the industry within which it operates.
The shareholders approved a dividend of GH¢0.0050 per share, representing a 10% increase over the payout for 2009.
Camelot Ghana has evolved from a local business forms-printing company into a security printing company listed on the Ghana Stock Exchange and accredited by Bank of Ghana and the Central Bank of Nigeria (CBN) to print security instruments for both countries.
Camelot over the years developed footprints across the sub-region and beyond, serving banks, governments and top-tier financial institutions across West Africa including Gambia, Liberia, Guinea, Togo, Rwanda and Nigeria.
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