By Chinwendu Obienyi
In a strategic move to expand its operations and enhance competitive edge, a leading provider of array of digital solutions, Chams Holding Company Plc, the Nigeria’s leading provider of integrated identity management and other solutions provider has grown its total assets from N11.8 billion in 2021 to N16.3 billion in 2022, an increase of 38 per cent.
Besides, the company has introduced an array of innovative products to attract more customers, boost sales and deliver shareholder value.
Addressing the shareholders at the Company’s Annual General Meeting (AGM) recently, the Chairman, Sir Demola Aladekomo explained that Chams would continue to deliver quality products and services irrespective of the tough operating environment. He expressed optimism that the company was able to post positive results in some of its major performance indicators despite the global challenges militating against all economies in the global space.
“The Group recorded an improved performance in 2022, with good growth along major financial indicators. Our revenue increased by 52 per cent from N3.3 billion in 2021 financial year to N5 billion in 2022; Cost of Sale rose together with revenue due to business expansion and new project execution across the Group. Our Gross Profit increased by 35 per cent, and liabilities were reduced by 4 per cent compared to the 2021 result. Our total equity grew by 100 per cent cent from N4.7 billion in 2021 to N9.4 billion in 2022; total assets also had a growth of 38 per cent from N11.8 billion in 2021 FY to N16.3 billion in 2022 FY. However, the group had an operating loss after tax of N375 million”, Aladekomo said.
Corroborating him, the Group Managing Director, Mrs Mayowa Olaniyan whose appointment was overwhelmingly endorsed by the shareholders explained that the company placed premium on its existing subsidiaries in the review period.
According to her, Chams implemented some restructuring with emphasis on business collaboration with relevant institutions to attain a competitive edge in Nigeria and Africa
“During the 2022 financial year, we focused on our existing subsidiaries and businesses by restructuring and business collaboration to attain a competitive edge in Nigeria and Africa. Suffice it to say that our subsidiaries have grown in value and are well-positioned to drive our revenues and other elements toward realizing our vision”, she said.
A shareholder and the President, Highly Favored Shareholders, Barrister Adetutu Siyanbola, commended the Board and Management of the Company for navigating the tough operating environment. She also showered encomiums on the former Group Managing Director (GMD), Mr. Gavin Young and Paator Ituah Ighodalo Non-Executive Director, that has just retired.