ChamsAccess diversification lifts full year profit to N166m
Reviewing its performance during the company’s 2018 yearly general meeting, the Managing Director, Dumebi Obodo, said the decision to drop some of the products that are not relevant to the current economic realities with more focus on those in line with government economic policies have yielded results.
According to him, ChamsAccess profit after tax stood at N195 million, higher than N41million achieved in the corresponding period in 2017 while turnover also rose from N758 million to N1.352 billion during the period under review.
“Part of what we are trying to do is market diversification. In light of this, it became imperative due to the transition from a service-driven technology company to a pure hardware trading company.
“We took a step in this direction with the creation of an innovation hub, a think-tank for the development of solutions to add value in pursuance to our core value.
He continued: “We did a proper analysis of where we are coming from, what are the income lines and products, based on our portfolio and what are the income lines we see a lot of value in line with the economic environment and the policies of the federal government.
“So we needed to make some hard decisions to drop some of the products we felt were not relevant to the economic direction and environment of our business and concentrated efforts towards those in line with what government is trying to achieve like financial inclusion. We provided devices and solutions for financial inclusion.
“We try to build products that will help the banks and other corporate organisations block leakages to better optimise their processes to improve efficiency. We believe that in the nearest future, that is the policy direction of the country and as such it
was important to focus on those areas to maximise profit.”
ChamsAccess Chairman, Dr Evans Woherem, assured shareholders that the board and management would continue to monitor the business environment and make necessary adjustments to sustain the positive growth momentum into the future.
“In line with the company’s strategic imperatives, it was paramount that we diversify into new markets and transit from a predominant hardware company to software which is more sustainable. The new solutions are making inroads into the market gradually,” he added.
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