Chams Plc has assured its shareholders of increased returns disclosing that its on-going identity assurance programmes being executed across Nigeria will strengthen its business, ensure future its growth and fuel its increased profitability in the long term.
Chairman of Chams Plc, Ayo Richards who made this known at the company’s 30th Annual General Meeting (AGM) in Lagos, said, the identity assurance needs of the financial services industry, state governments, tertiary institutions, and specialised government agencies, among others, are drivers of revenue and earnings growth for the Chams Group.
The company, he added, is leveraging prior investments in the identity management space to meet this need across Nigeria.
According to him, “National identity programme by National Identity Management Commission (NIMC), Know-Your-Customer biometric registration programme for bank customers, as well as residency and smartcard programmes being championed by forward looking state governments are some of the on-going identity assurance programmes of significant scale.
“As a leading player in the identity management space, we are engaged in the delivery of these identity assurance products and services. The demand for identity management services will continue to grow due to increasing financial inclusion, on-going implementation of CBN’s cashlite policy and digitisation of commerce, presenting future growth opportunities for us as a business.”
Group Managing Director of Chams Plc, Mr. Ademola Aladekomo, said “In spite of cost pressures and infrastructure challenges, especially in the area of power, Chams improved its 2012 performance by focusing on the core business of identity management and payments solutions in the 2013 financial year. We streamlined our business operations by vesting non-core functions such as the sales of payment card printers, access control and point of sales terminals in ChamsAccess Limited, a subsidiary of Chams Plc.
“Priorities remain clear for the 2014 financial year, and they include upgrade of our card personalisation bureau to EMV certified standard, strengthening the strategic alliance with our partners in South Africa and Israel, and the achievement of 300 per cent profit growth.”
The company financial results for the year April 30, 2013 showed that Profit After Tax (PAT) rose from N87.5 million in 2012 to N188.5 million in 2013 indicating a 115.3 per cent growth in its profit after tax. The result indicates that revenue grew by 21.3 per cent, rising from N2.84 billion in 2012 to N3.44 billion in 2013, while its total assets rose by 22.9 per cent to N10.7 billion in 2013, from N8.7 billion the previous year.