Chams plc records NGN1.5 billion loss in 2016

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After posting two quarters of positive earnings, Chams PLC has relapsed back into losses. The IT services company seems to have challenges facing its operations.

Chams plc ended the year 2016 with NGN1.4 billion revenue compared to NGN1.6 billion recorded in the financial year 2015. Its total costs of sales for the year was NGN788.5 million compared to NGN1.2 billion recorded in 2015.

Gross profit for the year was NGN693.4 million in contrast to NGN367.7 million recorded in the financial year 2015. Its  recorded operating loss of NGN 1.4 billion in contrast to NGN3.2 billion loss recorded in the previous year.

The company recorded NGN1.4 billion as loss before taxation in contrast to NGN3.3 billion loss recorded in the year 2015.

After deducting its tax expense, the total loss for the year recorded was NGN1.5 billion against NGN3.4 billion recorded in the year before, which represent 55% decrease in loss year on year comparison.

The company’s total asset was NGN6.0 billion compared to NGN8.5 billion in 2015. Total liabilities for the year in review was NGN4.1 billion in contrast to NGN5.2 billion recorded in the year before.

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Company Profile

Chams Plc is  Nigeria’s leading identity management and Identity transaction systems provider. Over the last 3 decades, the business has evolved from computer and hardware maintenance to the provision of enterprise technology solutions in identity management and identity transaction systems for the public and private sectors.

The company is the first home-grown company to be listed in the Guinness Book of Records for setting up the mega ChamsCity Digital Mall. And also the first computer technology company listed on the Nigerian Stock Exchange.