Digital solutions provider, Chams Holding Company Plc says it has grown its total assets from N11.8bn in 2021 to N16.3bn in 2022, an increase of 38 per cent.
The company, in a statement, said it has introduced an array of innovative products to attract more customers, boost sales and deliver shareholder value.
Addressing the shareholders at the Company’s Annual General Meeting recently, the Chairman, Sir Demola Aladekomo, explained that Chams would continue to deliver quality products and services regardless of the tough operating environment.
He said the company was able to post positive results in some of its major performance indicators despite the global challenges militating against all economies in the global space.
He said, “The Group recorded an improved performance in 2022, with good growth along major financial indicators. Our revenue increased by 52 per cent from N3.3bn in 2021 financial year to N5 billion in 2022; Cost of Sale rose pari passu with Revenue due to business expansion and new project execution across the Group.
“Our Gross Profit increased by 35 per cent, and liabilities were reduced by 4 per cent compared to the 2021 result. Our total equity grew by 100 per cent from N4.7 billion in 2021 to N9.4 billion in 2022; total assets also had a growth of 38 per cent from N11.8 billion in 2021 FY to N16.3 billion in 2022 FY. However, the group had an operating loss after tax of N375m.”
The Group Managing Director, Mrs Mayowa Olaniyan, explained that the company placed a premium on its existing subsidiaries in the review period.
According to her, Chams implemented some restructuring with an emphasis on business collaboration with relevant institutions to attain a competitive edge in Nigeria and Africa.
She said, “During the 2022 financial year, we focused on our existing subsidiaries and businesses by restructuring and business collaboration to attain a competitive edge in Nigeria and Africa. Suffice it to say that our subsidiaries have grown in value and are well-positioned to drive our revenues and other elements toward realising our vision.
