Distinguished shareholders, fellow directors, colleagues in management and our dear customers, I am glad to welcome you all to the 32nd Annual General Meeting of our Company- Chams Plc. This meeting is particularly significant to me as it marks my first presentation as the Managing Director of the company.
The journey to maintain our previous year performance has not been a smooth one, owing to the challenges faced during the financial year with highly charged atmosphere that preceded the keenly contested presidential elections and economic policies that caused a low patronage of our Business. In all, we are determined to stay resilient and focused, leveraging on our faith in God which has been the driving force of your company.
Many signals from the new Government indicate increased focus on reviving economic growth by redefining policies, improving administration and infusing investments to create a robust infrastructure for economic activity. The political stability, the increased engagement with other countries and reform oriented initiatives in Agriculture reflect the change underway.
Our business has remained customer focused and involves continuous design and deployment of innovative and beneficial technologies that improve the quality of lives. In other to maintain this objective and considering the risk inherent in public sector projects, we developed various private sector based products that are gradually being accepted in the market. We are also poised to maintain the good relationships with our clients, ensuring quality service delivery and other related services. We shall ensure a continuous seamless integration of our customers, our people, processes, technology, and risk.
The management of the company is working assiduously to improve financial performances in 2016 which is evident in our published 1st and 2nd Quarter 2016 Financial Statement. We would continue to introduce innovative products that would help bolster sales and increase market share.
Our vision is aligned with societal needs for technology and our approach is to create shared value. Our company embarked on an ambitious journey for reshaping itself and its product portfolio towards its vision to be the recognized leader in Identity Management. We have access to strategic partnerships, and technological expertise. These along with the other strengths that the company has developed will prove to be the competitive advantages in the emerging scenario.
The deepening impact of over dependence on oil and inability to diversify when the economy was strong has led to a decline in revenue at the Federal level which had its attendant effect on the states. Reports suggests that a majority of the states need to look inwards to generate enough funds to meet the challenges of their expenditures. We are glad to inform you that Anambra and Osun states where our company has gained presence and assisted the states in improving their Internally Generated Revenue (IGR) are listed amongst the states whose IGR has grown compared to previous years. We are positioned and ready to assist all the other states with our expertise in improving their IGR.
Our strategic objective is to build a sustainable organization that remains relevant to the agenda of our clients, while generating profitable growth for our investors. In order to do this, we will apply the priorities of our strategy (renew and new) to our business and cascade it to everything we do. This applies to our solution and service offerings, our client and employee engagement processes, and to the operational processes of the Company. These translate to the following strategic focus areas:
- Differentiate our solution and service offerings: We would build industry wide solutions, develop and deploy multiple/cross linked technologies that would have positive effects on lives.
- Pursue strategic alliances: We are developing alliances that complement our core competencies. We are partnering with leading technology companies in creating, deploying, integrating and operating business solutions for our clients.
- Build deep and impactful client relationships: Our Business Improvement Program has been designed to take advantage of emerging technology to improve the service we offer our customers, especially the channels our customers use to do business with us. We are committed to creating value for our customers and ease the process of communication.
- Attract and retain a motivated and high performing employee base: Our employees are our biggest assets. To meet the evolving need of our clients, our priority is to attract and engage the best talent in the right locations with the right skills. We are fully committed to strengthening our brand to continue to be the “employer of first choice”. A series of measures have been initiated to empower our employees through trust and accountability. We have overhauled our performance management system to bring in more objectivity, created internal marketplace for employees to work on challenging assignments and increased the focus on providing safe and transparent working environment. We are guided by our core values which motivates our attitudes and actions. We have vested substantially in training, which is central to our employees’ learning and growth process. We are committed to creating a work environment that is social, fun and collaborative. We continue to provide employees with life-long learning opportunities in a transparent and meritocratic culture.
- Enhance our operational effectiveness for agility and cost: We will periodically assess the effectiveness of our organization structure and processes to optimize it for alignment with our strategic objectives and agility. We continually evaluate critical cross-functional processes and benchmark them with best-in-class practices to optimize costs and enable swift and effective response to our clients. We constantly monitor and optimize various operational parameters such as the cost and utilization of resources, distribution of employees, the cost of operating our services and optimally realizing the efficiencies of scale and the strengths of our solutions.
- Excellent service delivery: Our service delivery will be organized as horizontal centers of excellence with a focus on nurturing innovation to drive differentiation across the industry segments. This organization will comprise the following product lines: E-Citizen, Confirmme, Membership Solutions, and Business Process Outsourcing (BPO).
We had instituted a new performance management and threshold framework for possible rationalization of non performing subsidiary before the end of 2016. Hence, there is a renewed strength and strategies to turn the subsidiary Company to profitabilty.
ChamsAccess has been re-engineered to achieve better results whilst ensuring customer satisfaction with quality at the centre stage. The performance of our company improved immensely compared to previous years. This was as a result of major supplies of instant issuance to SkyeBank, EcoBank and Access Bank. We successfully launched our Authorised Independent Resellers Partners and signed on 7 new partners (companies).
CardCentre has proven to be one of the best in the design, production, and personalization of card products in Nigeria. These cards include identity cards, smart and magnetic-stripe cards, PVC pre-printed cards, scratch cards, PVC based ATM/debit cards and telecommunication SIM cards. Its reputation is evident upon receiving an award letter to supply and personalize 5 million BVN cards. We equally had good business relationships with Sterling Bank, Fidelity Bank, FCMB, Diamond Bank and the Nigerian Society of Engineers during the financial year.
Chamsswitch continues to offer holistic switching solutions to a wide range of clients based on approved standards. It provides services that leads to efficient business processes and improved profits through cost savings. We provide a gateway to the payment system and offer most value adding payment and collection systems. We are about launching a new product that would further ease the payment stress of every individuals.
While, we are not isolating ourselves in declining markets where competition is becoming increasingly fierce, there are clearly many opportunities and we have resources and products to exploit the markets. We have the backing of our workforce to achieve success. Without being overly optimistic, profitability will increase by next year. We are determined to make the later years better than the former.
I am particularly appreciative of the support we received from our clients and customers, our investors, our regulators and our esteemed Board of Directors. As we mark our 32nd Anniversary of business operations in nonstop innovation, we will continue to entrench the spirit of excellence in innovation whilst maintaining our commitment to improving the quality of lives by designing and deploying innovative technology for our people in a manner that glorifies God.
Thank you and God bless you all.
Mr. Femi Williams
Group Managing Director