Chams records 42% revenue growth

Chams Holding Company PLC has reported a 42 per cent increase in revenue to ₦14.93 billion for the year ended 2024, coupled with a remarkable surge in profit after tax to ₦391 million, up from ₦20 million in the previous year—a nearly twentyfold jump.

The impressive results were disclosed at the company’s recent Annual General Meeting (AGM) held in Lagos, where shareholders unanimously approved several strategic initiatives including a rebranding to Chams Corporation PLC, a rights issue, and a corporate restructuring plan aimed at propelling the company into its next growth phase.

The company’s operating profit more than tripled to ₦1.2 billion, up from ₦370 million in 2023. This performance reflects enhanced operational efficiency in the face of challenging macroeconomic conditions, such as the depreciation of the naira.

A New Corporate Identity for a New Era

Chairman, Demola Aladekomo, expressed strong optimism about the company’s trajectory. He explained that the name change from Chams Holding Company PLC to Chams Corporation PLC underscores the company’s evolving business model and ambition in the fintech and digital infrastructure sectors.

“We are delighted that our shareholders have endorsed our transformation agenda. The name change reflects our long-term commitment to excellence and innovation. The rights issue and private placement will provide critical capital to seize new growth opportunities,” he said.

Aladekomo added that engagements are currently underway with relevant regulators to secure approvals for the capital-raising initiatives, which will further strengthen the company’s financial foundation and expansion capabilities.

Strategic Expansion and Infrastructure Investments

Group Managing Director, Mayowa Olaniyan, spotlighted the company’s regional expansion through the ChamsAccess X Consortium in Sierra Leone, with plans to extend trusted identity management platforms across West, Central, and North Africa.

She also announced a major investment in a state-of-the-art card manufacturing facility, designed to meet the growing demand in the financial services and telecommunications sectors.

“This investment demonstrates our readiness to scale operations and serve broader markets with secure, reliable digital identity solutions,” Olaniyan stated.

Governance Strengthened, Shareholders Back Transformation

In addition to approving the company’s restructuring, shareholders ratified several key board appointments, including:

• Chijoke Ugochukwu as a non-executive director.

• Olufemi Oyenuga as an executive director.

• Mohammed Santuraki and Tomiwa Aladekomo were re-elected as non-executive directors.

Adebayo Adeleke, former General Secretary of the Independent Shareholders Association of Nigeria, lauded the company’s turnaround and reaffirmed shareholder confidence in its strategic direction.

“We are impressed with the transformation at Chams and the results speak volumes. The management team is clearly focused and capable of delivering long-term value,” Adeleke said.

As Chams transitions into Chams Corporation PLC, the company appears well-positioned to capitalize on emerging opportunities within and beyond Nigeria’s borders, signalling a bold new chapter in its corporate journey.