Chams Holding Company Plc Reports Significant Growth in 2023 Financials

 

Chams Holding Company Plc Reports Significant Growth in 2023 Financials

Chams Holding Company Plc, a leading information technology group in Nigeria, has released its unaudited consolidated financial statement for the year 2023. The key financial highlights indicate substantial growth compared to the previous fiscal year (FY 2022).

Financial Highlights for FY 2023:

1. Pre-Tax Profit: The group reported a pre-tax profit of N373.9 million in 2023, marking an impressive 390% growth from the N129.1 million pre-tax loss recorded in FY 2022.

2. Revenue Growth: Chams Holding achieved a significant revenue growth, posting N9.47 billion in FY 2023, reflecting an 87% increase from the N5.07 billion recorded in FY 2022.

Financial Highlights for Q4 2023:

1. Q4 Revenue: In Q4 2023, the group reported a revenue of N2.22 billion, showing a substantial 61% year-on-year growth from the N1.38 billion recorded in Q4 2022.

Breakdown of Key Metrics:

1. Revenue Composition: The majority of the group's revenue (56%) came from printer solutions and access services, generating N5.31 billion. Card personalization and printing services contributed N2.33 billion, while Payment Systems Solutions generated N1.37 billion in revenue.

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3. Performance in the Stock Market: Chams Holding stood out as the second-best-performing stock on the NGX in 2023, with an impressive return of 795.5%.

4. Total Assets: The group's total assets increased to N18.91 billion in FY 2023, showing a growth of 16% from the N16.29 billion recorded in FY 2022.

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6. Operating Profit: The group reported an operating profit of N495.38 million, marking a significant increase from the N5.46 million recorded in FY 2022.

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8. Net Profit After Tax: The profit after taxation in FY 2023 was N93.90 million, showing a positive trend from the N375.24 million loss in FY 2022.

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10. Total Comprehensive Income: Chams Holding reported a total comprehensive income of N93.90 million, reflecting a change from the N1.39 billion recorded in FY 2022.

The financial results showcase Chams Holding Company's robust performance, driven by revenue growth and profitability across its diverse service offerings in the information technology sector.

Please note that these financials are unaudited and subject to potential adjustments during the audit process.