Chams Holdings bounces back with N20.22m profit

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Chams Holdings Plc, known for providing identity verification solutions, made a remarkable comeback in 2023, returning to profit with a N20.22 million profit at the end of the year. This marked a significant recovery from the N375 million loss incurred in the previous year.

The company also achieved substantial capital gains, closing the year with about 720 percent growth.Starting the year at N0.24 per unit, Chams Holdings saw its stock price rise to N1.97 per unit by the end of 2023, trading as low as N0.23 and as high as N2.44 per unit throughout the year. The impressive performance was attributed to expanded business activities and emerging opportunities within the group, as highlighted by the Group Managing Director, Mrs. Mayowa Olaniyan, during the company’s Facts Behind The Figures presentation at the Nigerian Exchange Limited in September.

In addition to returning to profitability, Chams Holdings reported a N255 million profit after tax, a significant improvement compared to the N135 million loss recorded in 2022. The company’s full-year results, filed with the Nigerian Exchange Limited, revealed a remarkable 80 percent increase in gross earnings, reaching N10.466 billion from N5.79 billion in the previous year.

Source: PUNCH

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