The shareholders of Chams plc at the company’s 31st annual general meeting have applauded the company’s performance for the financial year ended December 31, 2014 despite that the company operated under tough market conditions during the year under review.
The shareholders also received and approved the audited financial statements for the year in review, the report of the directors, auditors and audit committee thereon. They also approved that the board should pay dividend of 2kobo per ordinary share of 50kobo.
The group posted impressive financial results across key parameters as reflected in its revenue growth of 20 percent from N3.44bn in 2013 to N4.12bn in the 2014 financial year.
Operating profit rose by 22.5 percent to N392.30m compared with N320.10m in 2013. Profit after tax rose strongly by over 48.7 percent from N188m in 2013 to N280m in 2014. Also, shareholders fund improved by 26.5 percent from N4.7bn at full year 2013 to N5.9bn in 2014 financial year.
“While the tough operating environment impacted the performance of Chams plc, we recorded improved performance from our subsidiaries. We expect future results to be better given the on-going projects and prospects for the new products to be deployed,” said Ayo Richards, chairman, Chams plc.
He noted: “As part of our strategic plan to consolidate the achievements we have recorded in the last three years and foster our aspiration of dominating the identity management space in Africa, we partnered with a renowned consulting firm to forge a corporate strategy that would serve as a roadmap for the medium term.”
“Our ability to deliver growth across major financial indicators further attests to our strong market positioning and industry leadership. This year, our objectives are based on a ‘PMR’ model, citing focus on ‘people’, increase in ‘market share’ and improving ‘return’ to shareholders,” Demola Aladekomo, group managing director/chief executive officer, Chams plc told shareholders at the meeting.
