THE outgoing Group Managing Director of Chams Plc, Mr. Demola Aladekomo, has expressed confidence over the ability of the new management team led by Mr. Femi Williams to ensure that the company remained on the path of profitability as well as deliver superior returns to its stakeholders.
Aladekomo gave the assurance while performing the closing gong ceremony on the Nigerian Stock Exchange, NSE, to commemorate his official exit as the founder/GMD of Chams Plc after 30 years of piloting the affairs of the company and a successful transition to a new management team.
Future prospect
He explained that the incoming Managing Director, Mr. Femi Williams, who has spent over 25 years in the company, has led lot of innovations in the company, saying that with him and other experienced people on the Board, the future prospect of the company is assured.
“As you very well know, Chams is known for its input in technologies and innovations in the country; we are happy to say that Mr. Femi Williams led quite a lot of those implementations.
“The very first PVC based identity management system in the country was led by Mr. Femi Williams. The e-payment solution that you are all very familiar with, that we all now use the ATM cards and the PoS, those solutions started from Chams in 1993 and I can say that 80 per cent of the presentations were actually led by from Mr. Femi Williams.
“Quite a lot of implementations came from Mr. Femi Williams, so we are very happy that we are leaving behind us a very strong management team with global experience,” he said. Lamenting the loss the company incurred as a result of closure of Chams City digital mall, where it lost a whooping N9.2 billion of shareholders fund, Aladekomo said the company has since returned to profitability, adding that it would continue to build on success already recorded.
“We declared huge losses in 2009 and 2010 as a result of the protracted delays on the National Identity Card project but the bad days are gone and company has returned to profitability since 2012. The difficult situation experienced helped us to restrategise and we were able to declare profit in 2012 and 2013 and also paid dividend to shareholders in 2014,” he said.
We are certainly back on our feet,” he added.
We continue to record improved performances and posts impressive financial results as shown in our last audited result. For 2014 financial year, our audited result showed 20% increase in gross revenue from N3.44 billion in 2013 to N4.12 billion in the 2014 financial year. Profit after tax rose by over 48.7 per cent and Shareholders’ fund rose by 26.5 per cent from N4.7 billion in 2013 to N5.9 billion in the 2014 financial year. In addition we also paid a dividend of 2 kobo per ordinary share of 50 kobo held totalling N93.921 million.
We continue to record improved performances and posts impressive financial results as shown in our last audited result. For 2014 financial year, our audited result showed 20% increase in gross revenue from N3.44 billion in 2013 to N4.12 billion in the 2014 financial year. Profit after tax rose by over 48.7 per cent and Shareholders’ fund rose by 26.5 per cent from N4.7 billion in 2013 to N5.9 billion in the 2014 financial year. In addition we also paid a dividend of 2 kobo per ordinary share of 50 kobo held totalling N93.921 million.
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