Chams Plc recorded 107 per cent growth in profitability to N87.5 million for the operating year ended 2012 from a net loss of N1.24 billion the previous year.
The information and communication technology company attributed the feat to the impact of restructuring programme announced in 2011. The restructuring enhanced internal efficiency and cost management prompting increased market share for the company.
According to Demola Aladekomo, Group Managing Director and Chief Executive, “The results are proof of our unwavering commitment towards refocusing and consolidating the group’s businesses during the year. After recording a resilient year in 2011, we are delighted by the significant growth achieved in our revenues and profitability respectively in 2012. The fundamentals of our business remain solid and we are confident we have the right strategies in place to ensure continuous future growth and profitability.”
He said, “This performance is as a result of our continued commitment to providing customers with competitive and high quality services. We will continue to leverage our best-in-class technology solutions, well trained and experienced personnel and the expertise of our global affiliates as we strive to be the leading end-to-end technology solutions provider to the public and private sectors of the economy in Nigeria.”
The audited results of the company for 2012 financial year show that turnover rose by about 60 percent to N2.84 billion in 2012 as against N1.78 billion recorded in 2011. This was driven by the group’s identity management solutions business, which recorded 249.3 percent increase from N700 million to N2.45 billion.