By WILLIAM JIMOH

Chams Plc has recorded N3.44 billion turnover, representing 21.3 percent increase, compared to N2.84 billion recorded in 2012.

The company recorded a profit after tax of N188.5 million, 115.3 percent increase, compared to N87.5 million in the last financial year, while its earnings per share improved to seven kobo, more than twice what was posted the previous year.

Addressing shareholders at the30th Annual General Meeting, AGM, of the company in Lagos, Mr. Ayodeji Richards, Chairman, Chams Board of Directors, stated that its shareholders funds improved by five percent from N4.5 billion recorded in 2012 to N4.7 billion in the year under review.

Richards, who expressed optimism that the results will be better in the coming year, added that to achieve this level of performance in 2013, Chams embarked on some business initiatives, including; national identity project, payroll automated project for the Osun State and identity management for Anambra State among others.

“Chams Plc undertook projects of significant financial import in the local identity management and transaction payments space in 2013. Before now, specifically 2008, your company started committing resources to investment in infrastructure for identity management and transaction payment to make it the market leader in this emerging industry.

“The demand for identity management and transaction payment solutions is likely to continue growing at a Compound Annual Growth Rate, CAGR, of five percent until 2018. The likelihood of demand growth will arise from the ongoing implementation of the Central Bank of Nigeria’s cashlite policy, increasing financial inclusion and digitalisation of commerce, presenting opportunities for technology solution providers in our line of business,” he added.

Speaking on why the company did not declare dividend this year, Richards said, “Thank you for your patient so far and we do not want to push that patient so hard; the truth is that we have had challenges in our operations in the past five years, it was a mistake on our own part and we want to own up to that. We concentrated a lot on federal government business and that was because we hold the national identity card project dearly.

“But we have challenges on the project, wanted to do all within our capacity to ensure that the project is successful. As business men, we have done a lot of investment, but waiting for the government to dot the I and cross the T.

“Two years ago, we decided that we will have to do things that will enable us to make returns to our shareholders, so we did a restructuring and a repositioning to change our business model. This has started to yield dividend in the last two years. 2009 through 2011 we recorded successive loss, thank God in 2012 we posted a profit and in 2013, it superseded the performance of 2012. With what we have on ground now, they are very good, positive and robust.