Chams records 42% revenue growth
Chams Holding Company PLC has recorded a 42 per cent increase in revenue to N14.93bn for the year ended 2024, alongside a nearly twentyfold rise in profit after tax to N391m from N20m.
At its recent Annual General Meeting in Lagos, shareholders approved a rebranding to Chams Corporation PLC, a rights issue, and a corporate restructuring aimed at supporting the company’s next phase of growth and expansion.
Operating profit for 2024 more than tripled to N1.2bn from N370m in the previous year, reflecting improved operational efficiency despite macroeconomic conditions, including a depreciation of the naira.
The chairman of the company, Demola Aladekomo, expressed optimism about its future, saying the name change and capital-raising plans would position Chams to seize emerging opportunities in the fintech sector. He noted ongoing engagements with regulators to secure necessary approvals for the rights issue and private placement.
“We are delighted that our shareholders have endorsed our transformation agenda. The name change to Chams Corporation PLC reflects our evolving business model and long-term commitment to excellence.
The rights issue and private placement will provide critical capital to seize new growth opportunities.
We’re currently engaging with regulators to secure the necessary approvals. Our restructuring plan will drive operational efficiency and position us for sustainable expansion,” he said.
The Group Managing Director, Mayowa Olaniyan, highlighted regional expansion through the ChamsAccess X Consortium in Sierra Leone and plans to extend trusted identity management platforms across West, Central, and North Africa.
He also announced an investment in a state-of-the-art card manufacturing facility to serve the growing demand in the financial and telecom industries.
Shareholders also ratified key board appointments, including the election of Chijoke Ugochukwu as a non-executive director and the appointment of Olufemi Oyenuga as an executive director. Mohammed Santuraki and Tomiwa Aladekomo were re-elected as non-executive directors.
Former General Secretary of the Independent Shareholders Association of Nigeria, Adebayo Adeleke, praised the company’s turnaround and expressed strong support for its transformation agenda.
