Nigeria’s leading provider of integrated identity management and identity and payments transactional systems provider, Chams Plc has announced 130 per cent increase in its annual profit for the year ended December 31, 2018.
The firm, in its financial statement, reported a profit of N380m, as against the loss of N1.27bn recorded in the preceding year.
The company’s total assets amounted to N5.25bn, compared with N4.77bn in 2017, while total liabilities reduced by 14 per cent to N3.60bn from N4.20bn in 2017.
Chams had in 2018 restructured its operations for global competitiveness, including a change in business model, placing premium on identity management and introduction of innovative products and services.
The Group Managing Director/Chief Executive Officer, Chams, Mr Femi Williams, attributed the performance to the positive effects of the management’s determination to revamp the company’s operations for enhanced profitability in other performance indicators.
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He said, “This result is a testament to the group’s dedication to revamping the fortune of the company; coming from a loss position to record this impressive performance is the first step in our arsenal of strategies lined up for deployment this year.
“As can be seen from the result, we recorded a growth of 54 per cent in revenue year-on-year, while we grew profit before tax by 124 per cent. I would like to assure all our investors and shareholders that we will not rest on our oars as we will keep firing from all cylinders in order to maintain and surpass this performance by the end of the fiscal year 2019.”