Chams records 21.3% revenue growth

Chams Plc has posted revenue of N3.44 billion for the 2013 financial year. The amount showed a growth rate of 21.3 percent compared with N2.84 billion recorded in the corresponding period of 2012. The growth in net profit also grew by 115.3 percent to N188.5 million from N87.5 million the previous year

The total assets increased by 22.9 percent to N10.7 billion, compared to N8.7 billion in 2012 for its financial results for the year ended 31 December 2013.
Also, earnings per share stood at N0.07, more than twice what it earned in the corresponding period. However, the shareholders’ funds improved by five per cent to N4.7 billion against N4.5 billion recorded in 2012.
Commenting on the results, the Group Managing Director of the company, Ademola Aladekomo, said: “We are pleased with our financial performance in the year 2013, as it confirms that the various initiatives we are putting in place are bearing fruits.

To re-position the company from a loss position in the last three years to profitability is quite commendable and we are confident that things can only become better for us. More gratifying is the fact that we have sustained our top line growth trajectory, an indication that we have continued to increase our market share and remain competitive”.

The Group Deputy Managing Director, Olufemi Williams was optimistic  that the prospects for the business are solid, especially in the group’s core business.

According to him “the bulk of our revenue comes from identity management, which is our area of speciality. You will observe that the performance of the company itself was better than what was recorded at the Group level. For instance from a revenue figure of N3.1 billion, the company generated an operating profit of N846.1 million, representing a margin of 27 per cent.”

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