Chams Plc has started implementing a new intensive five-year strategic business plan aimed at strengthening the core competitive advantages of the company and enhancing its ability to operate profitability within the changing macroeconomic dynamics.
The five-year business plan, which included a two-year corporate plan that allows the company to intermittently observe its corporate progress, was sequel to extensive internal and external business reviews and was a major kernel of efforts by the board and management to put the company on the path of stable profitability.
Addressing shareholders at the annual general meeting of the company in Abuja, chairman, Chams Plc, Professor Adebayo Akinde said the board engaged reputable consultants with expertise and vast experience in business turnaround to help it in the reinvention and repositioning of the company for excellent performance in addition to internal business review and restructuring by the management of the company.
He noted that the performance of the company had been impacted negatively by unstable government policies and challenges in the macro economy, which vitiated its roll-out and project timelines and frustrated corporate expectations of returns.
He outlined that the new strategic business plan has the buy-in of all the directors and management and would open up new opportunities in the private sector, which would mitigate the company’s dependence on unstable public sector’s projects.
According to him, while several long-awaited public sector projects have either been awarded or are in execution stage, the new strategic direction that focuses also on opportunities in the private sector would complement the strategic advantages of the company as the company-of-choice in information and communication technology (ICT) in Nigeria.
In his review, managing director, Chams Plc, Sir Demola Aladekomo, said the company was poised to leverage on its cutting-edge and innovative technologies to take full advantage of the Central Bank of Nigeria (CBN)’s cashless policy, otherwise known as ‘cashlite’ project.
He pointed out that Chams has already started rolling out its mobile payment solution with remarkable success while it has secured further milestones as a major stakeholder in the electronic and transactional payment industry. It should be recalled that the CBN had granted approval-in-principle for mobile payment license in 2010.
“The mobile payment solution characterized by our usual innovativeness, ease of use and cutting edge technology promises to change the face of payment in Nigeria. It must be mentioned that this singular solution is the future of transactional and payment processes with its huge propensity to dramatically yield untold value for our esteemed stakeholders. We are primed to roll out in full force with a view to capturing a substantial size of the market,” Aladekomo said.
He noted that in furtherance of the ‘cashlite’ project, Chams was awarded a payment terminal service provider (PTSP) license by the CBN through one of its subsidiary companies –Paymaster, which would enable the company to deploy and maintain Point of Sales (POS) Terminals; which is projected to be one of the major channels of the ‘cashlite’ project.
He further drew attention to the approval of the BITEL POS/Point of Transactions (POT) as one of the terminals to be deployed for the ‘cashlite’ project by the CBN, a brand of terminal that is exclusively represented in Nigeria by Chams.
According to him, as a company noted for innovation, Chams will not relent in the quest towards breaking new grounds in innovation while working on new solutions that will deliver additional value to the country and make its shareholders smile.
“The future, I can say with all sense of certainty is bright. Though we have had unexpected delays in several projects due to the prevailing operating environment, we have sound strategies to survive the storm. It may have taken longer than expected, but we believe that with all the investments that we have made and the unfolding opportunities, our future is certainly bright,” Aladekomo assured.
Drawing attention to the highly dynamic nature of the ICT industry, he reiterated the commitments and doggedness of the management to continuously implement new strategies that would deliver good returns to shareholders.
“One thing that we will promise you by the grace of God is that your company has a brighter future. Paradoxically, new government policies make our technologies very relevant to the future and this is where we believe that we will continue to have the edge over others,” Aladekomo.
Audited report and accounts of the company for the year ended December 31, 2011 showed that turnover increased by 35.8 per cent from N1.31 billion in 2010 to N1.78 billion in 2011. Gross profit also rose by 30.8 per cent to N686.79 million in 2011 as against N525.02 million recorded in 2010.
Chams Plc and its subsidiaries offer complete end to end solution to small and large projects in the areas of identity management, payments, collection and transactional systems, as well as providing digital platform and ICT trainings. The Chams Group consists of four subsidiaries; CardCentre Nigeria Limited, which is engaged in the production and manufacturing of identity, payment and other smart cards; PayMaster Limited, which deals with deployment of POT and POS terminals; ChamsAcccess Limited, a licensed consortium for the deployment of Automated Teller Machines (ATMs) which is also involved in the deployment of multi application terminals; and ChamsSwitch, which engages in provision of the e-payment transaction processing platform for the Nigerian Market.
Chams was incorporated in Nigeria as a private limited liability company on September 10, 1985 and commenced operations on October 10, 1985. It became a public limited company on September 4, 2008 and its shares were listed on the Nigerian Stock Exchange (NSE) on September 8, 2008.