Chams seeks new opportunities, pays N140m dividend

Chams Plc has assured its shareholders that the company is strategically positioned to take advantage of emerging opportunities in the industry and stay ahead of trends through the provision of innovative business solutions.

Speaking at the 35th yearly general meeting of the company in Lagos, the Chairman, Mrs. Dere Awosika, stated that the company is currently well-positioned to enhance shareholders’ value as a result of the successful restructuring of its books, which laid a solid foundation for performance and competitiveness.

Besides, shareholders at the meeting endorsed a total dividend of N140 million, translating to three kobo per share due to every investor of the company for the 2018 financial year.

Awosika said: “It will please you to know that your company recorded a plausible financial success in 2018, despite the losses made in 2017. In consolidation, the company made a revenue of N3.01b in 2018 as opposed to N1.96 billion in 2017, which is a major increase of 54 per cent in 2018.

“The gross profit increased by five per cent to N786 million in 2018 as against N743 million in 2017. The bottom line improved significantly from a loss of N1.2 billion in 2017 to a profit of N380 million in 2018. This advancement in profit and capital is an attestation to the credibility of our commitment and our business model.”

According to her, the company plans to consolidate the progress made from the successful restructuring of its balance sheet, which has culminated in improved performance, competitiveness in the ICT sector and increased potential for dividend payment.

“We plan to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders.

“We are marching forward in the year with confidence and optimism, knowing fully well that our businesses have been strategically positioned to take advantage of key opportunities as we stay on course in the execution of our growth strategy,” she said.

The Group Managing Director and Chief Executive Officer, Femi Williams said the company’s recent restructuring paid off as reflected in its impressive financial performance for 2018 despite the set back of the previous year.

Williams explained that the firm’s main goal would focus on an increasing volume of business and significantly improving expense ratio to secure the company’s competitiveness in conformity to changes in customers’ behavior, development in technology, demography and modern operations.

The Co-Founder of Noble Shareholders Association, Gbadebo Olatokunbo, also expressed satisfaction with the performance, urging the company to intensify efforts in deploying technology to boost operations.

“I appreciate the performance of the company despite the tough operating environment. Nigeria today is catching on with the global trend in digitalization. Most businesses require technology to thrive and since we are already well-positioned in the company, there is an assurance that the company would do more in the current financial year,” he said.

A shareholder, Michael Cole expressed delight at dividend declaration while urging the company’s board to do everything within its powers to enhance dividend payment I the current financial year.