Chams Holdings reports 390% profit growth, unaudited pre-tax profit hits N373.9 million in 2023

Chams Holdings reports 390% profit growth, unaudited pre-tax profit hits N373.9 million in 2023

One of Nigeria’s foremost information technology groups, Chams Holding Company Plc has released its unaudited consolidated financial statement for 2023.

The group reported a pre-tax profit of N373.9 million in 2023, representing a 390% growth from the N129.1 million pre-tax loss posted in FY 2022.

The group’s revenue of N9.5 billion posted in FY 2023 was an 87% increase from the N5.1 billion posted in FY 2022.

In Q4 2023, Chams Holding reported a revenue of N2.22 billion, representing a 61% year-on-year growth from the N1.38 billion posted in Q4 2022.

Key Highlights FY 2023 (FY 2022, % Change)

Revenue: N9.47 billion (N5.07 billion, +87%)
Cost of sales: N7.34 billion (N4.06 billion, +81%)
Gross profit: N2.13 billion (N1.00 billion, +112%)
Operating profit: N495.38 million (-N5.46 million, +9176%)
Profit before taxation: N373.90 million (-N129.06 million, +390%)
Profit after taxation: N93.90 million (-N375.24 million, +125%)
Total comprehensive income: N93.90 million (N1.39 billion, -93%)
Total assets: N18.91 billion (N16.29 billion, +16%)

What you should know

The majority of the group’s revenue came from the printer solutions and access service provided by Chams which generated N5.31 billion (56% of the group’s total revenue).

The group’s card personalization and printing services generated N2.33 billion, and Payment Systems Solutions generated N1.37 billion in revenue.

The group’s agency banking and mobile money operation generated N472.52 million in revenue in FY 2023.

In 2023, the group also performed remarkably in the NGX, being the second-best-performing stock during the year with a return of 795.5%.

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Full Story: https://nairametrics.com/2024/02/02/chams-holdings-reports-390-profit-growth-unaudited-pre-tax-profit-hits-n373-9-million-in-2023/
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