Camelot Shareholders to Enjoy Dividend in December

Shareholders of Camelot Ghana Ltd, a computer stationery producer will from December 31, 2001 start enjoying dividends. The company's non-payment of dividends over the last two years was in accordance with its dividend policy contained in the prospectus, when the company made a public offer.

Mrs. Elizabeth Joyce Villars, Managing Director of Camelot announced this at the company's second Annual General Meeting last Friday.

The decision to pay dividends comes at the time the company was making impressive earnings on the local and international markets.

Mrs. Villars recalled that last year the company, like others operated in a generally difficult business environment that saw an increase in commercial lending rates and the massive depreciation of the cedi. "In spite of these shocks, sales were strong, recording a 49.3% increase in turnover," she said.

She announced that the company made a net profit after tax of ?464.32 million, which it transferred to its income surplus to give it a positive balance of ?321.32 million. This impressive earnings gave it a positive net current assets of ?128.2 million, the first such accruals in its history. But the company does not want to keep the profits alone. "We will continue to put part of our profits back into development of the communities in which we operate," Mrs. Villars assured the shareholders. She said the company has the prospects to earn more foreign exchange, given a conducive business environment,adding that the prospect offers hope for the future. She said though, the company is yet to pay dividends to its shareholders; the overall objective is to build a strong company for the benefit of all. "When we start paying dividends you will all be happy," she assured the shareholders.