Chams consolidates business, targets greater returns

Identity management company, Chams Plc, says it is shifting its focus to the creation of greater value for its shareholders, having completed the restructuring and consolidation of its operations.

The Chairman, Chams, Rev. Ayo Richards, who said this at the company’s 31st Annual General Meeting in Lagos, explained that the company was now in a great position to sustain its growth, a statement from the company said.

Richards told the shareholders that Chams and its subsidiaries, including ChamsAccess and CardCentre, had further entrenched their relationships with clients as well as local and international trade partners to ensure a sustained growth trajectory and market dominance in identity management.

He said, “In spite of the tough market conditions in the 2014 financial year, we recorded improved performances. Indeed, the last 12 months have been a period of consolidation for us as a group.

“We entrenched our business relationships with our clients and restructured our operations by laying more emphasis on our core business.”

The group’s audited results for the 2014 financial year showed improvements in its operations and profitability.

For instance, its revenue grew by 20 per cent from N3.44bn in 2013 to N4.12bn in 2014, while the operating profit rose by 22.5 per cent to N392.30m as against N320.10m in 2013.

Its profit after tax surged by 48.7 per cent to N280m from N188m in 2013, while the shareholders’ fund jumped by 26.5 per cent from N4.7bn to N5.9bn in the 2014 financial year.

Commenting further on the activities of the company in 2014, Richards said, “To consolidate the achievements we have recorded in the last three years and foster our aspiration of dominating the identity management space in Africa, we partnered with a renowned consulting firm to forge a corporate strategy that would serve as a roadmap for the medium term.

“This has resulted in streamlined organisational structures and processes, offering of higher-margin, value-added services, and the development of innovative products and services to meet market needs.

“And we are indeed poised to release innovative products that will have major impact in the identity management space and make life more secure and convenient for our customers.”

In the course of the AGM, the shareholders approved payment of N93.9m dividend, which translates into two kobo per ordinary share of 50 kobo held.

A change in leadership was also announced at the AGM with the company’s founding Group Managing Director, Mr. Demola Aladekomo, proceeding on terminal leave ahead of his retirement in September.

He handed over to Mr. Olufemi Williams, who until the development was the Deputy Managing Director, and a Chams veteran, having joined the company in 1990 as a computer engineer.

The Managing Director, CardCentre Nigeria Limited, Mr. Luqman Balogun, was named the Deputy Managing Director.

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Source : Punch

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