Chams Access Grows Total Equity, Strengthens Portfolio
Chams Access Limited, 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. The Chairman of the company, Dr. Evans Woherem, gave the assurance company’s inaugural annual general meeting (AGM) in Lagos last week.
According to him, although the significant decline in economic activities for a better part of 2016 affected the company with the country exiting recession, there is an obvious turnaround in the fortunes of Chams Access going forward.
“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 AGM, we would now see a greatly improved company of ours,” Woherem remarked.
Also speaking at the AGM, Managing Director, ChamsAccess Limited, Mrs. Funke Alomo Oluwa, stated that the company’s strong market positioning and industry leadership accounts for its resilience despite the external and domestic economic headwinds which unsettled Nigerian economy in 2016. The company grew its total equity to N1.081 billion in 2016, as against N960 million for the year 2015.
“After a resilient 2016 financial year, ChamsAccess is on 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 cited boosting operational profit, product diversification, market share growth and improved return to shareholders as the company’s focus in the 2017 financial year.
Also at the AGM, Mr. Olufemi Williams, Group Managing Director, Chams Plc and Ms. Adetomi Aladekomo, a television/movie producer and Founder, Heels in the Kitchen, were both elected to the Board of Directors of ChamsAccess Limited as non-executive directors.
ChamsAccess Limited 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, Access Control and Time and Attendance solutions to serve both financial and non-financial needs of the society.