The management of Chams Plc. provider of Smart Card Solution, has assured that the technology-innovation company would deliver improved profitability in 2016 and beyond even as the company’s products increased their market share and efficiency.
In the first half ended June 30, 2016, Chams grew turnover to N683.5 million as against N673.26 million recorded in comparable period of 2015.
Gross profit improved from N302.70 million in first half 2015 to N393.98 million in 2016. As against pre-tax loss of N4633.96 million recorded in first half of 2015, the company returned to profit in 2016 with a pre-tax profit of N160.32 million.
After taxes, net profit stood at N159.82 million by first half of 2016 compared with loss of N463.96 million recorded in the same period in 2015. Total asset has risen from N9.14 billion by June 2015 to N9.97 billion by June 2016.
At the annual general meeting in Lagos, Group Managing Director, Chams Plc, Mr. Femi Williams, said with the recent restructuring of its businesses and continuous focus on customer’s needs, the company is poised for stable growth in the years ahead.
He said the company has developed a portfolio of cutting-edge products that will ensure that it taps into emerging opportunities in the private and public sectors, adding that the company is poised to assist state governments to improve their internally generated revenues to fill the gap created by the decline in federal allocations.
