Clydestone Group records profit

The Clydestone Group recorded a net profit of GHC 576,983 in 2018 as against a loss of GHC 467,243 incurred in 2017.

Turnover also rose from GHC 5,185,157 in 2017 to GHC 5,861,359 in 2018, representing an increase of 13.04 per cent.

Mr Paul Jacquaye, Group Chief Executive Officer, said this at its Annual General Meeting in held in Accra on Friday.

He said the group’s transactions of switching, acquiring and hosting services; business provided under G-switch brand did not grow as anticipated due to the loss of Beige Bank which the group had signed up as a customer last year adding that the bank’s license was revoked by the Bank of Ghana and this has impacted negatively on the projections for the G-switch business.

Mr Jacquaye said ‘to boost the G-switch, we have engaged other card associations to increase our processing business and we hope to add to Union Pay International Bank Card Association.

He said the group has commenced the International Standard Certification for 2013 which would allow it to systematically examine the organization’s information security risk and help design and implement a coherent and comprehensive suite of information security.

The Group Chief Executive Officer said it has also adopted an overarching management process to ensure that information security controls continue to meet the organization’s information needs.

Mr Jacquaye said the ICT industry witnessed significant growth and development, adding that MTN the largest mobile network operator in the country listed on the Ghana Stock Exchange which will enable investor attention and analysis which will be of immense benefit to Clydestone. He said the Clydestone Group would explore new are as in the IT sector to maximise current investment in infrastructure and propel the company to greater heigh