Chams PLC held its 32nd Annual General meeting (AGM) at the Agip recital hall of the Muson Centre, Onikan, Lagos on the 18th of July, 2016 with over 350 shareholders in attendance. It was reported that two directors in the persons of Mr. Ben Akabueze and Alhaji Idi Farouk had retired from the board of directors.
The Chairman, Most Rev. Ayo Richards pointed out that the 2015 financial year was generally affected by the economic and political instability in the country during said period. He went on to say that the falling through of the NIMC concession and the subsequent shut down of Chams City also affected the company’s financials. In addition, he promised that all hands were on deck to ensure that Chams PLC had a better 2016.
The Group Managing Director, Mr. Olufemi Williams highlighted some of the innovative products and projects the company had completed and are still working on to ensure that the tide of the company is turned around in 2016. He referred to the 2016 half year financial statement to substantiate his claim.
In the first half ended June 30, 2016, Chams grew turnover to N683.5 million as against N673.26 million recorded in comparable period of 2015. Gross profit improved from N302.70 million in first half 2015 to N393.98 million in 2016. As against pre-tax loss of N4633.96 million recorded in first half of 2015, the company returned to profit in 2016 with a pre-tax profit of N160.32 million. After taxes, net profit stood at N159.82 million by first half of 2016 compared with loss of N463.96 million recorded in the same period in 2015. Total asset has risen from N9.14 billion by June 2015 to N9.97 billion by June 2016.