ChamsAccess, the leading access and technology solutions Company is determined to consolidate on its impressive performance recorded in the financial year ended December 31, 2018.
The company’s commercial and financial performance showed outstanding improvement, compared to the previous year despite the tough operating environment. Turnover increased by 78 percent to N1.35 billion in 2018 compared with N785 million recorded in the previous year.
Profit before tax increased by 376 percent from N41 million reported from the previous year to N195million in 2018.
Evans Woherem, Chairman, ChamsAccess, said the company is poised to consolidate on its 2018 impressive financial year performance and enhance investors return.
Speaking at the company’s 2nd Annual General Meeting in Lagos, last week, Woherem, said the company performed overwhelmingly better in 2018 and delivered commendable volumes in the course of the financial year.
“The board and management will continue to monitor the business environment and make necessary adjustments to sustain the positive growth momentum into the future,” he further mentioned.
According to him, it was paramount for the company to diversify into new markets and transition from a predominant hardware company to software, in line with its strategic imperatives.
Also speaking, Dumebi Obodo, managing director, said last year was an exciting year for ChamsAccess – partly because the changing business and commercial environment created opportunities. “We are unyielding in our drive to develop cost and time-saving technologies to the delight of our clients and act in an ethical and responsible manner.
“We will continue to increase our array of technologies and ensure that we develop a diversified portfolio that can serve different sectors. “Furthermore, we will take a disciplined approach to capital management, which ensures we maintain a strong balance sheet.”
During his speech, he mentioned that at the second half of the year 2018, new partnerships were sealed, to foster penetration into more sectors.
“Also worthy of note is our partnership with New York-based fintech company, First Access to deliver digitized and automated credit solutions to microlenders, in line with ChamsAccess mission to be the go-to company for technology solutions that make life less complicated.
“Furthermore, a partnership with Assa Abloy has ensured that we deliver secure solutions that save costs in the Oil and Gas sector”, he concluded.
Obodo noted that the year 2018 witnessed a fragile growth in the Nigerian economy, with real Gross Domestic Product (GDP) growth reaching an estimated 1.9 percent, reflecting a recovery in services and industry; the growing importance of services bolstering growth in the economy.
According to the National Bureau of Statistics (NBS), Nigeria’s GDP grew by 2.01 percent(year-on-year), in real terms, in the first quarter of 2019. Compared to the first quarter of 2018, which recorded real GDP growth rate of 1.89 percent, the Q1 2019 growth rate represented an increase of 0.12 percent points. However, relative to the preceding quarter (fourth quarter of 2018), real GDP growth rate declined by –0.38 percent points.
HOPE MOSES-ASHIKE
