Meridian Marshalls Holdings Limited, a Ghana-based education and research firm, reported a consolidated net loss of GH¢644,323 for the period ending January 31, 2025, deepening from a GH¢463,613 loss in the prior year.
The unaudited financial statements reveal declining revenue and rising administrative costs, underscoring challenges in the company’s operational efficiency and market demand.
The company’s operating income fell sharply to GH¢407,571 in 2025 from GH¢1.22 million in 2024, driven by reduced tuition fees and other academic charges. Direct operating costs decreased proportionally, but a 66% surge in general and administrative expenses to GH¢1.79 million eroded margins. Notably, directors’ remuneration and audit fees accounted for a significant portion of these costs.
Meridian Marshalls’ cash flow statement highlighted a net outflow of GH¢232,934 from operations, exacerbated by stagnant revenue and increased payables. While the firm secured a GH¢170,000 bank loan, its closing cash balance stood at a deficit of GH¢20,938, compared to a positive GH¢67,716 in 2024. The balance sheet showed retained earnings at GH¢-364,090, reflecting cumulative losses over recent years.
Non-current assets, primarily land and buildings valued at GH¢2.99 million, dominate the company’s asset base. However, capital work-in-progress totaling GH¢3.71 million suggests ongoing investments in infrastructure, though their returns remain uncertain. Directors’ loans to the company amounted to GH¢3.3 million, with pledges to defer repayment until financial stability improves.
The directors’ report acknowledged the precarious financial position but deemed the company’s state of affairs “satisfactory,” opting against dividend payments. Auditors V.T. Consult affirmed their continued role, though the financials remain unaudited.
Meridian Marshalls, which operates in education and educational materials trade, faces headwinds common to Ghana’s private education sector, including fluctuating enrollment and regulatory pressures. The reliance on short-term debt and shareholder loans raises questions about long-term liquidity, particularly as the firm navigates a high debt-to-equity ratio and persistent operational deficits.
The company’s shareholder structure remains concentrated, with directors Dr. Tetteh Nettey and Mrs. Genevieve Naa-Aku Nettey collectively holding 78% of shares. This ownership dynamic may influence strategic decisions, particularly in balancing growth investments with financial sustainability. As Ghana’s education sector evolves, Meridian Marshalls’ ability to stabilize revenue streams and manage costs will be critical to reversing its downward trajectory and restoring investor confidence.
