Chams Plc, a leading identity management firm, has announced the successful restructuring and consolidation of its operations to focus on the business of identity management.
Very Reverend Ayo Richards, chairman of Chams Plc, who disclosed this at the company’s 31st Annual General Meeting (AGM) in Lagos recently, said Chams and its subsidiaries, including ChamsAccess and CardCentre, have further entrenched their relationships with clients as well as local and international trade partners to ensure a sustained growth trajectory and market dominance in identity management.
Richards said “In spite of the tough market conditions in the 2014 financial year, we recorded improved performances. Indeed, the last 12 months have been a period of consolidation for us as a Group. We entrenched our business relationships with our clients and restructured our operations by laying more emphasis on our core business.”
Chams Group posted impressive financial results across key parameters as reflected in its revenue growth of 20 per cent from N3.44bn in 2013 to N4.12bn in the 2014 financial year. Operating profit rose by 22.5 per cent to N392.30m compared with N320.10m in 2013.
Profit after tax rose strongly by over 48.7 per cent from N188m in 2013 to N280m in 2014.
Shareholders’ fund also improved by 26.5% per cent from N4.7bn at full year 2013 to N5.9bn in the 2014 financial year.
Explaining the strategic thrust of the business in 2014, Richards said, “To consolidate the achievements we have recorded in the last three years and foster our aspiration of dominating the identity management space in Africa, we partnered with a renowned consulting firm to forge a corporate strategy that would serve as a roadmap for the medium term. This has resulted in streamlined organizational structures and processes, offering of higher-margin, value-added services, and the development of innovative products and services to meet market needs. And we are indeed poised to release innovative products that will have major impact in the Identity Management space and make life more secure and convenient for our customers.”
At the AGM, shareholders approved payment of dividend of 2 kobo per ordinary share of 50 kobo held translating to N93.921m as proposed by the company.
Reverend Richards thanked shareholders for their understanding, adding that the board and management of Chams Plc are working assiduously to improve dividend payout.
On his part, Demola Aladekomo, outgoing Group Managing and Chief Executive Officer, Chams Plc, said “Our ability to deliver growth across major financial indicators further attests to our strong market positioning and industry leadership. In the last financial year, we achieved some major milestones on our existing projects and also fostered numerous new business partnerships. This year, our objectives are based on a ‘PMR’ model, citing focus on people, increase in market share and improving return to shareholders.
The 31st AGM also heralded a major leadership change in the company with Mr. Demola Aladekomo, founding group managing pirector, proceeding on terminal leave ahead of his retirement in September.
Aladekomo handed over to Olufemi Williams who takes over as the Group Managing Director and Chief Executive Officer in alignment with the board of directors’ ratified succession planning which emphasizes promoting capable internal candidates to leadership positions.
Until the announcement of Aladekomo’s retirement, Williams was the Deputy Managing Director, and a Chams Plc veteran having joined the company in 1990 as a Computer Engineer.
He rose to the position of General Manager in January 2001, and held same until he joined SuperCard Limited as Managing Director in March 2004. Olufemi was appointed Deputy Managing Director, Chams Plc in January 2012 after the merger of SuperCard Limited with Chams Plc.
Luqman Balogun, managing director of CardCentre Nigeria Limited, a subsidiary of Chams Plc, has been named the Deputy Managing Director.
Prior to joining CardCentre in June 2013 as MD/CEO, Balogun spent 22 years in the banking sector in a career spanning retail and commercial banking, banking operations and Information Technology, credit and relationship management, cards and electronic banking, and project management.