Chams Nigeria reduces loss after tax to N1.52billion

Chams Nigeria Plc has shown that only time is separating it from returning to profitability, which may be achieved in the prevailing year.

The company’s audited financial result for the 2016 business year ended 31 December 2016 showed improvement on 2015 results as loss continued to be hedge by increased earnings, even as revenue declined ostensibly due to macroeconomic headwinds.

The result released by the Nigerian Stock Exchange (NSE) recently , showed that revenue recorded by the group in 2016 financial year, N1.48 billion against N1.61 billion while the company N641.44 million from N914.93 million.

Cost of sales N788.580, against N1.22 billion, while the company recorded N271.63 million from N757, 57 million.

Gross profit for the period closed at N693.46 million, against N388.96million. The company also posted N367.75 against N157.36 million recorded

Other operating for the group stood at N407.16 million was recorded in 2016 financial year, against N158.26 million posted in 2015, while the company recordedN397.45 million, against N176.179 million in the preceding year.

Administrative expense for the group stood at N2.56 billion from N3.78 billion in the preceding year while the company recordedN2.62 billion from N2.70 billion in the preceding year.

Loss from operations for the financial year closed at N1.46 billion, against N3.23 billion in the 2015 financial year, while the company’s loss from operations for the year stood at N1.86 billion, from N2.36 billion in the preceding year.

The company’s finance expenses for the year N15.91 million from N151.51 million in 2015, while that of the company stood at N15, 520 against N155.520 in 2015.

Loss before taxation stood at N1.47 billion, from N3.39 billion, while that of the company stood at N1.87 billion, against N2.52 in the prior year.

Tax expenses N46.70 million, from N12.30 million, while the company dispensed N34.60 million in tax, over N2.4 million in 2015.
The group’s loss after taxation for the year was N1.52 billion, from N3.41 billion in 2015, while loss after tax as N1.91 billion, from N2.52 billion in the prior year.

Chams is Nigeria’s leading identity management and Identity transaction systems provider. Over the last 3 decades, its business has evolved from computer and hardware maintenance to the provision of enterprise technology solutions in identity management and identity transaction systems for the public and private sectors.

The company prides as the first home-grown company to be listed in the Guinness Book of Records for setting up the mega ChamsCity Digital Mall, it is the first computer technology company listed on the Nigerian Stock Exchange.
Chams was among key ICT companies that recently bided for CBN’s doftware for Micro finance banks in the country and ranked among the first third among the over 20 companies that participated in the bidding.