NAN-HE-8
Shareholders
By Chinyere Joel-Nwokeoma
Lagos, Aug. 9, 2017 (NAN) ChamsAccess Ltd., a subsidiary of Chams Plc, has assured shareholders of improved returns on investment in the 2017 financial year on the back of improving macroeconomic stability.
Dr Evans Woherem, the company’s Chairman, gave the assurance in a statement on Wednesday in Lagos.
Woherem said that shareholders would smile in the current financial year with improved economic recovery.
He said that the significant decline in economic activities for a better part of 2016 affected its performance and profitability.
Woherem said that shareholders of the company should expect improved profit making by the end of 2017 financial year with the country exiting recession.
“But with the country exiting recession, there is an obvious turnaround in the fortunes of ChamsAccess with shareholders expected to see a much more improved profit making company by the end of the 2017 financial year.
“With improved macroeconomic stability, there has been a demonstrable turnaround in business and ChamsAccess is on the path of profitability in the 2017 accounting year.
“That means when we come for the next Annual General Meeting (AGM), we will now see a greatly improved company of ours,” Woherem said.
Mrs Funke AlomoOluwa, the company’s Managing Director, said that strong market positioning and industry leadership accounted for its resilience, in spite of the external and domestic economic headwinds which unsettled Nigerian economy in 2016.
AlomoOluwa said that the company grew its total equity to N1.08 billion in 2016, as against N960.48 million in the corresponding period of 2015.
“After a resilient 2016 financial year, ChamsAccess is on the growth trajectory and has returned to profitability in 2017 as evident in our first and second quarter results respectively.
“Supported by a strong board of directors, the company is breaking new grounds in high growth areas such as the telecommunications and microfinance sectors and are further strengthening our product base,’’ she said.
The managing director said that the company would focus on boosting operational profit, product diversification, market share growth and improved return to shareholders as the company’s focus in the 2017 financial year.
The News Agency of Nigeria (NAN) reports that ChamsAccess is a leading access and technology solutions company with a vision to be the go-to company for solutions in the markets it serves.
The company’s core focus is the sale, deployment and support of automated solutions in the area of Instant Card Issuance; Biometric Data capture solutions, Customer Life Cycle Management solutions to serve both financial and non-financial needs of the society. (NAN)
JNC/FF/GOK
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Edited by Fela Fashoro/Olagoke Olatoye