Kiishi-Lagos

Identity assurance gap guarantees profitability - Chams

 

 

L-R: Sir Demola Aladekomo, Dr. Oba Otudeko, Very Revd. Ayo Richards

Chams PLC, Nigeria’s leading identity managementand payments system company, has said ongoing identity assurance programmes being executed in the private and public sectors across Nigeria will strengthen its business, ensure future its growth and fuel its increased profitability in the long term.

The company released its financial results for full year 2013 in April, posting a 115.3 per cent growth in its profit after tax for the financial year under review. Profit After Tax (PAT) rose from N87.5m in 2012 to N188.5m in the same period. The result indicates that revenue grew by 21.3 per cent, rising from N2.84bn in 2012 to N3.44bn in 2013, while its total assets rose by 22.9 per cent to N10.7bn in 2013, from N8.7bn the previous year.

Speaking to the result at the company’s 30^th Annual General Meeting (AGM) in Lagos, Chairman of Chams PLC, Very Rev. Ayo Richards said, “The identity assurance needs of the financial services industry, state governments, tertiary institutions, and specialised government agencies, among others, are drivers of revenue and earnings growth for the Chams Group. We are leveraging prior investments in the identity management space to meet this need across Nigeria.”

He added that: “National identity programme by National Identity Management Commission (NIMC, Know-Your-Customer biometric registration programme for bank customers, as well as residency and smartcard programmes being championed by forward looking state governments are some of the on-going identity assurance programmes of significant scale. As a leading player in the identity management space, we are engaged in the delivery of these identity assurance products and services. The demand for identity management services will continue to grow due to increasing financial inclusion, on-going implementation of CBN’s cashlite policy and digitization of commerce, presenting future growth opportunities for us as a business.”  

Group Managing Director of Chams PLC, Mr. Ademola Aladekomo, said “In spite of cost pressures and infrastructure challenges, especially in the area of power, Chams improved its 2012 performance by focusing on the core business of identity management and payments solutions in the 2013 financial year. We streamlined our business operations by vesting non-core functions such as the sales of payment card printers, access control and point of sales terminals in ChamsAccess Limited, a subsidiary of Chams PLC.

“Priorities remain clear for the 2014 financial year, and they include upgrade of our card personalisation bureau to EMV certified standard, strengthening the strategic alliance with our partners in South Africa and Israel, and the achievement of 300 per cent profit growth. We are also determined to complete our ongoing restructuring across Chams Group, while also dedicating our energy towards delivering value to all stakeholders.”