H1 2024 Update
Chams Holdco Plc is pleased to present its earnings report for H1 ended on30 June 2024. This quarter has seen a tremendous improvement from all financial metrics even in the face of negativities in the Nigerian business environment.This underscores the positive reception given to our products and services occasioned by the concerted efforts of our subsidiaries in matching and surpassing the competition in the market.
H1 Overview
Despite headline inflation revenue generation and cost containmentpersists
Although consumer demand in Nigeria was pressured in H1 2024 occasioned by the increase in the CBN MPR rate which increased the cost of funding leading to a galloping inflationary trend in the period, Chams Holdco Plc maintained its positive trajectory in revenue generation as well as managing its costs effectively for value creation for its shareholders. The impact of these is depicted in our financial performance and position below.
H1 Financial Performance
Despite several economic downsides, the Group surpassed its profitability in H1 2024 compared to the same period in 2023 as presented below:
We recorded a net income increase of 115% in our EPS, underscoring the persistent improvement in the market acceptance of the innovative solutions the Group has on offer.
Q3 Outlook – Leveraging partnerships and cross-border handshake for market diversification
The Group is keen on applying the One Oasis Business Strategy to deliverimproved customer satisfaction that leads to improved financial results in Q32024 and beyond.
UnionPay International partnership has been activated
The much-awaited partnership between Chamsswitch and Union Pay International to launch its card payment has been activated with Wema Bank on 7 July 2024.This partnership is expected to provide seamless card payments for travellers from Nigeria to the diaspora and for foreigners who visit the country.ChamsSwitch is the first fintech in Africa to partner with UnionPay International. Apart from leading to improved revenue generation for the Group,it provides value creation for subscribers by enabling frictionless transactions.
Financial and telecom card production is having an exponential increase in revenue generation.
Card Center Nigeria Ltd (CCNL) one of the subsidiaries in the Group has secured multiple customers at the end of H1 2024 which is expected to boost its revenue earning potential in Q3 and beyond. One of the customers is from a country in Sub-Saharan Africa for the printing for the printing of scratch cards and social security cards. What else can we celebrate if not the abilityto earn in foreign currency for the Group? The company have also enlisted more financial institutions in Nigeria for the production and personalization of ATM Cards.
Kegow digital payment platform is undergoing transformation
ChamsMobile Limited the Mobile Money Operator in the Group is on the verge of attracting an impressive foreign partner into the country. This handshake has the potential to enhance its mobile wallet service offering with an innovative solution that has the potential to transform retail trade payments as well as deepen financial inclusion among the underbanked in society. Leveraging on the innovative solution, the sky is the limit for revenue generation. Watch out for it!!
Our investor relations contact
For more information regarding Chams Holding Company Plc's financial prospects and investor relationships, kindly contact investorrelations@chams.com or visit our chinvestor relations section at https://www.chamsholdco.com/investor-relations/
