Chams PLC has finally stopped its losses moving the company into profitability as its aggressive restructuring effort seems to be paying off.
In it just released its half year revenue, gross revenue marginally grew by 1.5%. The company recorded NGN683 million compared to NGN673 million it raked in half year 2015.
Also, it slightly reduced its cost of sales. It expended NGN289 million compared to NGN370 million it made in 2015.
The company’s net profit NGN159 million compared to a net loss it recorded with NGN463 million. To further boost its balance sheet, the company will be doing away with some fixed assets.
While the revenue growth might appear to be slow, the company’s product lines are all contributing considerably to the pot. Group NGN249 million, Access NGN277 million, Card Centre 134 million, Switch 22,6 million.
The company is ramping up its research and development efforts to get new products into the pipeline. It declared that it has spent NGN47 million on Naira.com, Chams Varsity 4,083 million Chams Mobile 27 million and its NGN145 million on its NIMC projects.
Chams PLC offers smart card technologies. The Company offers a public access retail billing and collection system with Internet access. Chams also offers home office products.
Chams’ stock currently trades at 0,50 kobo, the stock price has remain unchanged in the last 12 months.
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