Chams PLC Gets Out Of The Woods, Records NGN94 Million Profit In Q3

Chams PLC

After two years of near-collapse, Chams PLC has finally stamped its feet on positive territory. Its net profit for the third quarter of the year rose to NGN94 million.

The importance of this figure becomes significant if you compare it with the fact that the company recorded a net loss of NGN529 million within the same quarter last year.

Chams PLC had it so bad in its full year audited result that it reported a net loss of NGN3,4 billion.

Gross revenue for the quarter rose to NGN1,1 billion versus NGN855 million reported in the year before. Cost of sales increased to NGN548 million versus NGN370 million expended in the previous year.

It could be recalled that Chams PLC said it was holding its 60% stake in JKK for sale, the result shows that the company still has not been able to sell it. The price placed on the shareholding is NGN100 million.

Total asset for the period decreased to NGN 9,6 billion from NGN11,8 billion in the previous year. Liabilities have increased to NGN6,2 billion versus NGN5,2 billion for last year.

Corporate information

Chams Plc (The Company) was incorporated as a limited liability Company on 10 September 1985 and became a public Company on 4 September 2008. The Company was listed on the floor of the Nigerian Stock Exchange on 8 September 2008.

The principal activities of Chams Plc and its subsidiaries (The Group) include identity management, payment collections and transactional systems. The Company’s registered office is located at 8, louis Solomon Close, Victoria Island, lagos.

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