Chams PLC, Nigeria’s leading identity management and payments transaction company, has announced its financial results for the year ended 31 December 2013. The results were indicative of solid portfolio of products and services emerging from the company’s streamline operationsin the last two years, leading to significant growth of its market share in the identity management and payments transaction business.

The Group’s results showed resilience in key financial data with the following highlights:

  • Strong revenue growth of 21.3% from N2.84 billion in 2012 to N3.44 billion in 2013.
  • Impressive growth in net profits; up by 115.3% to N188.5 million from N87.5 million the previous year
  • Earnings Per Share came it at N0.07, more than twice what was recorded in the corresponding period
  • Total assets grew by 22.9% to N10.7 billion, compared to N8.7 billion in 2012
  • Shareholders’ funds improved by 5% to N4.7 billion (N4.5 billion was recorded in 2012)

Commenting on the results, the Group Managing Director of the Company, Mr. Ademola Aladekomo, said “We are pleased with our financial performance in the year 2013, as it confirms that the various initiatives we a putting in place are bearing fruits. To come 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 topline growth trajectory, an indication that we have continued to increase our market share and remain competitive”.

 

The Group Deputy Managing Director, Mr. Olufemi Williams believes 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 specialty. 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%. This enabled us to achieve a net profit of N732.3 million (profit margin of 23.3%). You can see that we have a very profitable core business, and this is why we have set targets for ourselves to restructure our non-core operations”.