Camelot Ghana Limited holds AGM

Accra, June 9, GNA - Camelot Ghana, Limited on Thursday paid a dividend of 40 cedis per share amounting to 261.6 million cedis representing 33.3 per cent increase over the previous year. Last year's dividend was 30 cedis per share, Dr Sam Mensah, Chairman of the Board of Directors of the Company, said at the sixth Annual General Meeting (AGM) of the Company.

Dr Mensah said the turnover for the year 2004 was 11.55 billion cedis compared to the previous year's performance of 8.3 billion cedis. He said exports accounted for the 3.89 billion cedis of sales revenue (33.7 per cent) whilst local sales recorded 7.665 billion cedis, compared to 2003 figures of 27 per cent exports and 73 per cent local. Operating profit before tax was 739.9 million cedis in 2004 compared to 567 million cedis in 2003, an increase of 172 million cedis representing 30.5 per cent. Profit after tax was 669 million cedis as against 393 million cedis in 2003 representing 70.2 per cent increase he said.

Dr Mensah said this was due to a healthier recovery of the global economy in 2004 while good economic management in the country provided the necessary stability in key macroeconomic indicators. The Company continued to invest in human capital by integrating information technology in their procedures and production processes to enable it to deliver secure products at the shortest record time. He said the Company's five year development plan was on course whilst a review during the year had strengthened its direction and focus to build a strong and enviable business capable of serving the West African Sub-Region.

"Our investment in exports has grown steadily over the years and we believe that the hard work put into the export development will continue to propel us towards higher levels of profitability." In related development, Dr Mensah launched Camelot Silver Jubilee anniversary under the theme: "25 years of Printing Excellence." He said Camelot being the first domestic company in Ghana to have set up a subsidiary in Nigeria, had remained a leader in the delivery of high quality and security printing materials in the West Africa Sub-Region. He said a lot of prospects existed in Lagos, Nigeria and expressed the hope to expand more in that country in order to capture the market and then look at the possibilities of extending to other Economic Community of West Africa States (ECOWAS) countries.

Dr Mensah said a lot of activities including, dinner and awards night, had earmarked to celebrate the anniversary. He said the Company being the first to have manufactured a computer paper in Ghana, had braced itself to face the challenges likely to be posed by ECOWAS Regional Integration in the business environment.