Quarter 1 - financial statement for 2025

UNAUDITED FINANCIAL STATEMENTS MARCH 31, 2025

Unaudited Financial Statement for period ended 31 March,2025

Business Address 8 Louis Solomon Close Off Ahmadu Bello Way Victoria Island, Lagos

RC Number 76807

Company Secretary Oluwaseun Osuji

Auditors PKF Professional Services PKF House 205A Obanikoro

Ikorodu Road Lagos

Bankers Providus Bank

Guranty Trust Bank Plc Access Bank Plc Sterling Bank

Polaris Bank Stanbic IBTC Bank Zenith Bank Plc

United Bank of Africa Plc First Bank Limited

DIRECTOR'S REPORT

The Directors submit herewith their report together with the Unaudited financial statement of Chams Holdco Plc (the Company) for the period ended March 31 2025.

LEGAL FORM

was incorporated on the 5th of September, 1985. In 2022, the transited to Holding Company Structure with 4 Companies as subsidiaries

the Nigerian Stock Exchange.

PRINCIPAL ACTIVITES

The company is engaged in the business of Information technologies and and Intelligent solution.

The names of the present Directors are detailed on page 1. None of the Directors has notified the Company for the purpose of section 303 of the Companies and Affied Matters Act 2020 of any interest in contracts with which the Company was involved during the period under review.

Unaudited Financial Statement for Period ended March 31 2025

EMPLOYMENT AND EMPLOYEES

1. Employment of physically challenged persons

   The Company operates a non-discriminatroy policy in the consideration of applications for employment, including those received from persons with disability. In the event of any employee becoming disabled in the course of employment, the Company is in a position to arrange appropriate training to ensure the continous employment of such a person without

   subjecting him or her to any disadvantage in his or her career development. As of March 31, 2025, the Company has no disabled persons in its employment.

2. Health, safety and welfare at work

   Arrangements are made for adequate security and protection of staff in the Company's premises while necessary safety regulations are complied with in order to facilitate the safety of employees of employees of the Company at all times.

3. Employee involvement and training

   The Company provides facilities for regular on the job training for staff. Regular consultative meetings are held by management to keep members of staff abreast with developments within the company as well as its plans and achievements.

   EVENTS AFTER REPORTING PERIOD

   There is no event after the reporting date that could have a material effect on the state of affairs of the Company as at 31 March 2025

   Whistle Blowing

   The Company is committed to conducted its affairs ethically and responsibly. Unethical behaviours cost the Company money, time, human resources and can negatively affect the Company's reputation before its stakeholders.

   
   
   

   BY ORDER OF THE BOARD OF DIRECTORS

   Oluwaseun Osuji

   Company Secretary

   ‌Chams Holding Company Plc

   Unaudited Consolidated and Separate Financial Statements For the period ended 31 March 2025

   
   
   

   Chams Holding Company Plc

   Unaudited Consolidated and Separate Financial Statements for the period ended 31st March 2025 Contents Page

   Statement of Profit & Loss & Other Comprehensive Income 3

   Statement of Financial Position 4-5

   Statement of Changes in Equity 6-7

   Statement of Cash Flow 8

   Notes to the Financial Statement 9-13

   2

   Chams Holding Company Plc

   Unaudited Consolidated and Separate Statement of Profit or Loss and other Comprehensive Income for the period ended March 31st , 2025

   	Notes	Group Account Unaudited 2025 Q1 (Jan-March)	Group Account Unaudited 2024 Q1 (Jan-March)	Group Account Audited 2024	Company Unaudited 2025 Q1 (Jan-March)	Company Unaudited 2024 Q1 (Jan-March)	Company Audited 2024
   		N' 000	N' 000	N' 000	N' 000	N' 000	N' 000
   Revenue	1	3,870,452	3,470,921	14,841,373	-	-
   Cost of Sales	2	(3,094,909)	(2,494,056)	(10,483,486)	-	-
   Gross Profit		775,543	976,865	4,357,887	-	-	-
   Other operating Income	3	150,345	23,873	23,961	227,831	72,232	769,441
   Administrative Expenses	4	(542,453)	(593,753)	(3,210,159)	(110,159)	(200,821)	(634,447)
   Operating Profit/( Loss)		383,435	406,985	1,171,689	117,672	(128,589)	134,994
   Finance expense	5	(201,887)	(20,519)	(363,444)	(112,017)	(18,799)	(114,687)
   Finance Income			10,107	48,489			4,921
   (Loss)/Profit before Taxation		181,548	396,573	856,734	5,655	(147,388)	25,228
   Taxation expense (Provision)		(32,678)	(250,001)	(465,679)	(1,244)		(7,694)
   Profit/(Loss) after Taxation		148,870	146,572	391,055	4,411	(147,388)	17,534
   (Loss)/Profit attributable to :
   Owners of the parent		63,452	91,608	408,997
   Non-Controlling interests		85,418	54,965	(17,943)
   		148,870	146,572	391,054			17,534
   Basic (Loss) / earnings per share (kobo)		3.00	8.10	8.71	0.04	(1.62)	0.37
   Diluted (Loss)/ earnings per share (Kobo)		3.00	8.10	8.71	0.04	(1.62)	0.37
   Other Comprehensive Income/ Loss
   Gain/Loss on investment securities at fair value through other comprehensive income				156			15,546
   Other comprehensive income/(loss) (net of tax)				156			15,546
   Disposal
   Profit on disposal of asset
   Total Comprehensive Income		148,870	146,572	391,210	4,411	(147,388)	33,080
   Profit/Loss for the period attributable to :
   Owners of the company				408,997	4,411	(147,388)	15,546
   Non controlling interest		148,870	146,572	(17,943)	-	-
   			-
   Income after taxation		148,870	146,572	156	4,411	(147,388)	15,546
   Total comprehensive income attributable to:
   Owners of Parent		63,452	91,608	409,130	4,411	(147,388)
   Non controlling interest		85,418	54,965	(17,920)	-	-	-
   		148,870	146,573	391,210	4,411	(147,388)	33,080

   3

   Chams Holding Company Plc and Its Subsidiary Companies

   Unaudited Consolidated and Separate Statement of Financial Position for the period ended March 31st , 2025

   ‌Assets	Notes		Group			Company
   		Unaudited Q1 2025 N'000	Unaudited Q1 2024 N'000	Audited 2024 N'000	Unaudited Q1 2025 N'000	Unaudited Q1 2024 N'000	Audited 2024 N'000
   Non-current assets
   Right of Use of Asset				6,500
   Property,plant and equipment	6	2,339,730	2,339,730	2,932,023	1,619,438	1,612,118	1,619,438
   Investment Project		6,000	6,000
   Deposit for Investment		20,525	20,525
   Intangible Asset	7	7,334,502	7,334,502	7,365,871
   Investment in Subsidiaries					4,214,991	4,214,991	4,214,991
   Investment in associates		75,000	75,000	75,000	75,000	75,000	75,000
   Investment in Joint Ventures
   Investment securities at fair value through other Comprehensive Income		100,000	100,000	100,000	100,000	100,000	100,000
   Other Non Current Assets		1,325,000		1,325,000
   		11,200,757	9,875,757	11,804,394	6,009,429	6,002,109	6,009,429
   CURRENT ASSETS
   Inventory & Work In Progress	8	2,707,526	2,707,526	886,405	-	-	-
   Trade and other receivable	9	5,588,918	4,650,893	6,129,262	846,426	676,734	1,476,932
   Short term investment		24,103	24,103
   Prepayments		104,855	104,855			10,884
   Cash and Cash Equivalent	14	1,425,506	1,863,531	1,571,881	25,246	51,417	40,153
   		9,850,908	9,350,908	8,587,548	871,672	739,035	1,517,085
   Total Assets		21,051,665	19,226,665	20,391,942	6,881,101	6,741,144	7,526,514
   Liabilities
   Non -current liabilities
   Lease liabilities
   Long Term Loan	10	2,458,484	774,658	2,458,484	1,648,901	698,806	1,648,901
   Deferred Tax/ Income		156,454	156,454	123,582	16,457	156,454	16,457
   		2,614,938	931,112	2,582,066	1,665,358	855,260	1,665,358
   Current liabilities
   Trade and other Payable	11	7,228,967	7,656,760	6,274,829	1,098,971	1,874,931	1,740,496
   Loan & Borrowing		311,426	311,426	278,229		311,426
   Deposit for Shares	12	302,283	302,283
   Defered Income		12,312	12,312	608,969
   Due to Related Party
   Taxation		198,851	198,851	654,525	121,030	129,517	129,329
   		8,053,839	8,481,632	7,816,552	1,220,001	2,315,874	1,869,825
   Total liabilities		10,668,777	6,498,523	10,398,618	2,885,359	2,966,456	3,535,183
   NET ASSETS		10,382,888	9,773,264	9,993,324	3,995,742	3,769,891	3,991,331

   4

   - 0 -

   Chams Holding Company Plc

   Unaudited Consolidated and Separate Financial Statements for the period ended 31st March 2025 Statement of Financial Position (Continued) As at March 31st, 2025

   			Group			Company
   		Unaudited Q1 2025 N'000	Unaudited Q1 2024 N'000	Audited 2024 N'000	Unaudited Q1 2025 N'000	Unaudited Q1 2024 N'000	Audited 2024 N'000
   Issued capital and reserves attributable to
   owners of the parent
   Share Capital		2,348,030	2,348,030	2,348,030	2,348,030	2,348,030	2,348,030
   Share Premium		35,008	35,008	35,008	35,008	35,009	35,008
   Revaluation Reserve		4,755,307	4,755,307	4,755,307	1,463,364	1,463,364	1,463,364
   Revenue Reserve
   Capital Reserve		145,522	145,522	145,522
   Retained Earnings		(1,640,107)	(1,994,762)	(1,788,977)	149,340	(60,965)	144,929
   Fairvalue Reserve		156	156	156		(15,546)
   Equity Attributable to Owners of the Parent		5,733,106	5,289,261	5,495,046	3,995,742	3,769,891	3,991,331
   Non-Controlling Interest		4,649,782	4,499,705	4,498,278
   TOTAL EQUITY		10,382,888	9,773,264	9,993,324	3,995,742	3,769,891	3,991,331

   
   
   

   Celestine Osimhen

   
   
   

   The Financial statements on Pages 2 to 5 were approved for issue by the Board of Directors on 28 April 2025and signed on its behalf by :

   Mayowa Olaniyan

   Group Managing Director Group Accountant

   FRC/2013/ICAN/00000004330 FRC/2023/PRO/ICAN/002/041515

   5

   ‌Chams Holding Company Plc Unaudited Consolidated and Separate Statement of Equity For the period ended 31st March 2025
   Group Issued Share Share Premium Revaluation Retained Capital Fairvalue Reserve Non- controlling Total N'000 capital N'000 Reserve Earnings Reserve N'000 Interest N'000 N'000 N'000 N'000 N'000
   Balance as at 1st January 2024	2,348,030	35,008	4,755,307		145,522	(15,546)		4,456,778		9,449,453
   Profit /(Loss) for the Period	2,348,030	35,008	4,755,307	(2,197,974)	145,522		-	4,581,456		9,667,349
   Negative retained earnings written off	- -	-		91,608 -				54,965	146,572 -
   Impact of balance sheet restructuring									- - 146,572
   Other Comprehensive Income
   Fairvalue loss in the year	-	-	-	91,608	-		-	54,965
   Revaluation gain on intangible asset	-	-		-					-
   Total Comprehensive Profit	-	-	-	-	-		-	-	-
   Transactions with owners recorded directly in equity:	-
   Balance Adjustment on Beginning Balance Equity
   Shares disposed during the year	-
   Balance as at 31 December 2024	2,348,030	35,008	4,755,307	(2,106,367)	145,522		-	4,636,421		9,813,921
   	Share capital	Share premium	Revaluation reserves	Capital reserves	Fair value	Retained earnings		Total	Non- controlling	Group
   Balance at 1 January 2025	2,348,030	35,008	4,755,307	145,522	156	(1,788,977)		5,495,046	4,498,274	9,993,320
   Statement of profit or loss						148,870		148,870	91,474	57,396
   Other comprehensive income								-		-
   Balance at 31 March 2025	2,348,030	35,008	4,755,307	145,522	156	(1,640,107)		5,643,916	4,589,748	10,233,664
   Prior period adjustments								-		-
   Statement of profit or loss								-	-	-
   										-
   Balance at 31 March, 2025	2,348,030	35,008	4,755,307	145,522	156	(1,640,107)		5,633,106	4,649,782	10,282,888
   Balance as at 31 March, 2025									4,649,782

   6

   ‌Chams Holding Company Plc Unaudited Consolidated and Separate Statement of Equity As at 31st March 2024
   Company	Issued Share capital N'000	Share Premium N'000	Revaluation Reserve N'000	Retained Earnings N'000			Fairvalue Reserve N'000		Total N'000
   Balance as at 1st January 2024	2,348,030	35,008	1,463,364		(102,321)			(15,546)	3,728,535
   Profit /(Loss) for the Period Other Comprehensive Income	-				17,534				17,534
   Fairvalue loss in the year Revaluation gain on intangible asset Total Comprehensive	-	-							-
   Profit									15,546 - 33,080
   	15,546
   Transactions with owners recorded directly in equity: Balance	- - - 17,534 15,546 - - -								-
   Adjustment on Beginning Balance Equity
   	-	-			- -				- -
   	-
   Balance as at 31March 2024	2,348,030	35,008	1,463,364	(84,787)	-				3,761,615
   Company Issued Share Share Revaluation Retained Fairvalue Total N'000 capital N'000 Premium Reserve N'000 Earnings N'000 Reserve N'000
   Balance as at 1st January 2024 Profit /(Loss) for the Period Priior Year Adjustements Other Comprehensive Income Total Comprehensive Loss Transactions with owners recorded directly in equity: Balance as at 31 March, 2024	2,348,030	35,008	1,463,364		(84,787)	-			3,761,615
   	- -	-			4,411 229,716				(94,345) 0
   	-	-	-
   	-	-			-				-
   	-	-	-		-	-			-
   	-
   	2,348,030	35,008	1,463,364		149,340	-			3,995,742

   7

   ‌CHAMS HOLDING COMPANY PLC

   CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED MARCH 31 2025

   2025 2024 2025 2024

   Notes N'000 N'000 N'000 N'000

   Cash flows from operating activities

   Profit/(loss) after tax 148,870 146,5724,411 17,534

   Adjustment for:

   Depreciation of property, plant and 33,842 43,149 12,193 90,027

   Depreciation of right-of-use-assets 3,300 - -

   Other movement in trade and other receivables 376,610 - -

   Other adjustment to the property, plant and equipment - - 2,422

   Gain from disposals of investments - - 451,563

   Profit on disposal of property, plant 10,107 - 3,730 - 53

   Interest income (10,107) - - 4,921

   Finance cost 201,887 20,519 112017 114,687

   Tax expense 38,735 250,001 150,987 7,631

   813,351 250,002 275,878 7,632

   Changes in operating assets and liabilities

   Decrease/(increase) in Inventories 274,000 (1,458,918) - -Increase in trade and other receivables - 947,375 (360,044) - 253,000 - 142,242 Increase in deferred income 534,233 116,880 - -(decrease)/Increase in trade and other payables - 141,988 1,480,968 - 38,181 26,717

   Tax paid - 197,588 (90,658)- 9,282 - 4,302

   Net cash (used in)/from operating 334,632 - 61,770 - 24,585 - 411,095

   Cash flows from financing activities Proceeds from loans and borrowings			-		693,969
   Repayment of loans and borrowings Lease liabilities	(174,551)		-		939,306 -
   Finance cost	(201,887)	(20,519)
   Net cash from/(used in) financing activities	(201,887)	(195,070)	- - 245,337
   Decrease/(increase) in cash and
   cash equivalents	132,745	(249,237)	-	24,585 -	16,016
   Cash and cash equivalents at the beginning of the year	1,293,761	1,912,636	40,153 2,736
   Cash and cash equivalents at the end of the year	1,426,506	1,663,399	15,568 -		13,280

   The accompanying notes are an integral part of these consolidated financial statements.

   ‌CHAMS HOLDCO PLC

   Unaudited Financial Statement for the period ended 31 March, 2025

   Notes Details Group

   =N=

   1. Revenue -

      Card Production 948,840

      Fufilment 43,378

      Personalization 150,041

      Logistics 8

      Phones and accessories -

      Printer and Consumables Sales 748,021

      Biometric Devices Sale 751,178

      New Solutions 958,251

      Access control 31,324

      Pension Central 2,697

      Cybersecurity & infrastructure 214,727

      Virtual Airtime Fee 10,627

      Multipay Fee -

      Payment Gateway 2,856

      KEGOW - Income from Aitrime KEGOW - income on Fund Transfer

      KEGOW - Income on Bills Payment (VAS) HR & Payroll

      VOTA - Direct sales BVN Enrolment

      3,861,948

      -

   2. Cost of sales -

Card Production 828,593

Fufilment 32,633

Personalization 34,452

Logistics 7,976

Others -

Phones & accessories -

Printer and Consumables Sales 565,035

Biometric Devices Sale 642,317

New Solutions 907,674

Access control 4,038

Pension Central -

Cybersecurity & infrastructure 132,702

Virtual airtime 7,259

Multi Pay Osun State -

Payment Gateway 219

KEGOW COS - Fund transfer 21

KEGOW COS - Bill Payment(VAS) 1,865

KEGOW COS - On Airtime 1,202

Payroll COS - Direct expenses -

COS - VOTA -

COS BVN Enrollment 3,923

KEGOW - SMS COS -

3,169,909

Net book values -

NBV at 1 January, 2025 2,508,003

NBV at 31 March, 2025 2,339,730

Group

1. Investments at FVTOCI

   Investment in JKK Ltd 100,000

   Investment in 20,250 units if Access Bank shares @ N19.75K each 400

   Investment in 30,000 units if Zenith Bank shares @ N36 each 1,095

   Investment in 70,000 units if FCMB shares @ N7.30 each 511

   Investment in 500,000 units if Access Bank shares @ N19.77 each 10,874 Investment in Associates 75,000

   Amount reported in the Statement of financial position 187,880

   -

2. Inventories -

Inventory & Work In Progress 2,707,526

Trade and other receivable 5,984,128

Short term investment 24,103

Prepayments 104,855

Cash and Cash Equivalent 1,425,505

-

Amount reported in the Statement of financial position 10,246,117

-

-

-

-

12 Cash and cash equivalents

1,425,505

-

1,425,505