Chams Corporation Reports 42% Revenue Surge and Strategic Restructuring for Fintech Growth

Chams Holding Company PLC announced a 42% increase in revenue, reaching ₦14.93 billion for the financial year ended 2024. The company also reported a dramatic surge in profit after tax, climbing nearly twentyfold from ₦20 million to ₦391 million. Operating profit tripled to ₦1.2 billion, a result credited to improved efficiency despite challenges like the naira’s depreciation.

During its Annual General Meeting held in Lagos, shareholders approved major changes including a rebranding of the company to Chams Corporation PLC, a rights issue, and a corporate restructuring plan. These moves aim to support the company’s next phase of expansion, particularly in the rapidly evolving fintech sector.

Group Chairman Demola Aladekomo emphasized that the name change and capital-raising initiatives will allow Chams to tap into emerging fintech opportunities. He noted that engagements are underway with regulators to secure approval for the rights issue and private placement, which are expected to provide critical growth capital.

Group Managing Director Mayowa Olaniyan revealed the company’s regional ambitions, particularly through the ChamsAccess X Consortium in Sierra Leone. He also announced plans for a new, advanced card manufacturing facility to meet increasing demand in the financial and telecom sectors across West, Central, and North Africa.

Shareholders ratified new board appointments, including Chijoke Ugochukwu as a non-executive director and Olufemi Oyenuga as an executive director, while re-electing Mohammed Santuraki and Tomiwa Aladekomo. Adebayo Adeleke, a former official of the Independent Shareholders Association of Nigeria, commended Chams’ turnaround and reaffirmed shareholder support for the transformation agenda.

Source: Punch