Clydestone, a Ghanaian Fintech firm, specializing in the provision of technology and IT solutions associated with banking services, performed well in the first nine months of 2018, Fintech Africa learn from the publication of his accounts.
With this development, it is expected that Ghana Stock Exchange may take off the foremost Ghanaian Fintech firm off the Exchange’s “Watch List.
Clydestone, the first Ghanaian Fintech to be quoted on the Exchange, submitted its third quarter ended September 2018 results on November 1, 2018 which showed a sustained improvement in the fortunes of the company.
Its turnover of 3.5 million Cedis over the period, almost tripled, compared to that of the same period in 2018. Despite operating expenses rising sharply to 2.2 million Cedis, the operating profit came to 1.4 million Cédis, compared with only 664,000 in 2017.
For the first quarter to March 2018 and the half year to June 2018, the Ghanaian Fintech company’s revenue improved compared to the same period of 2017. It recorded GH¢1.55 million and GH¢2.90 million respectively. CLYD also recorded profit after tax for Q1 2018 of GH¢111,500 (loss of GH¢126,300 for Q1 of 2017) and a profit after tax for the half year to June 2018 of GH¢105,400 (loss of GH¢126,300 for the same period in 2017).
Under these conditions, the Ghanaian Fintech that is present in Ghana but also have operations in Nigeria and Kenya came out of this period with a positive net profit, against a loss conceded at the end of September 2017.
The group did not particularly comment on this performance, but we can see a revival of dynamism in Ghana’s economy.