Quarter 2 - financial statement for 2025

CHAMS HOLDCO PLC

UNAUDITED CONSOLIDATED AND SEPERATE FINANCIAL

STATEMENTS FOR THE PERIOD ENDED JUNE 30, 2025

Chams HoldCo Plc

Unaudited Consolidated and Separate Financial Statements for the period ended 30th June 2025

Notes

Group Account Unaudited 3months ended

30th June 2025

Group Account Unaudited 3months ended 30th June 2024

Group Account Unaudited 6months ended June 2025

Group Account Unaudited 6months ended June 2024

Company Unaudited 3months ended 30th June 2025

Company Unaudited 3months ended 30th June 2024

Company Unaudited 6months ended June 2025

Company Unaudited 6months ended June 2024

N' 000

N' 000

N' 000

N' 000

N' 000

N' 000

N' 000

N' 000

Revenue

1

6,011,064

4,846,653

9,881,516

8,317,574

Cost of Sales

2

(4,826,687)

(3,152,232)

(7,921,596)

(5,646,288)

Gross Profit

1,184,377

1,694,421

1,959,920

2,671,286

Other operating Income

3

40,647

(13,985)

190,992

9,888

-

74,386

39,199

146,618

Group Contribution

257,635

446,267

Administrative Expenses

4

(660,304)

(751,731)

(1,202,757)

(1,345,484)

(108,826.40)

(129,043)

(218,985)

(329,864)

Operating Profit/( Loss)

564,719

928,705

948,155

1,335,690

148,809

(54,657)

266,481

(183,246)

Finance expense

5a

(234,763)

(48,655)

(436,650)

(69,174)

(153,863.65)

(47,029)

(265,881)

(18,799)

Finance Income

5b

18,110

11,008

18,110

21,115

-

0

(Loss)/Profit before Taxation

348,066

891,058

529,615

1,287,631

(5,055)

(101,686)

600

(202,045)

Taxation expense (Provision)

(77,978)

(136,288)

(110,656)

(386,289)

1,048

44,217

(196)

Profit/(Loss) after Taxation

270,088

754,770

418,959

901,342

(4,007)

(57,469)

404

(202,045)

(Loss)/Profit attributable to :

Basic (Loss) / earnings per share (kobo)

5.75

16.07

8.92

19.19

(0.09)

-1.22

0.00

(4.30)

Diluted (Loss)/ earnings per share (Kobo)

6

16.07

8.92

19.19

(0.09)

-1.22

0.00

(4.30)

Other Comprehensive Income/ Loss

270,088

754,770

418,959

901,342

(4,007)

(57,469)

404

(202,045)

Gain/Loss on investment securities at fair value

through other comprehensive income

Disposal

Profit on disposal of asset

Total Comprehensive Income

270,088

754,770

418,959

901,342

(4,007)

(57,469)

404

(202,045)

Profit/Loss for the period attributable to :

Owners of the company

339,229

91,608

(4,007)

(57,469)

404

(202,045)

Non controlling interest

79,729

54,965

-

-

Income after taxation

270,088

754,770

418,959

901,342

(4,007)

(57,469)

404

(202,045)

Total comprehensive income attributable to:

Owners of Parent

339,229

91,608

404

(202,045)

Non controlling interest

79,729

54,965

-

-

270,088

754,770

418,959

146,573

(4,007)

(57,469)

404

(202,045)

CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION

AT 30 JUNE 2025

Group Company

JUNE

Audited

JUNE

Audited

2025

2024

2025

2024

Notes

N'000

N'000

N'000

N'000

Assets

Non-current assets

Right-of-use assets

5,918

6,500

-

-

Property, plant and equipment

10

2,870,800

2,932,023

1,614,358

1,619,438

Intangible assets

11

7,359,572

7,365,871

-

-

Investment in subsidiaries

-

4,214,991

4,214,991

Investment in associates

75,000

75,000

75,000

75,000

Investment in Joint Ventures

-

-

-

Investment securities at fair value through

other comprehensive income

119,780

100,000

100,000

100,000

Other Non current assets

1,325,000

1,325,000

-

-

Total non-current assets

11,756,070

11,804,394

6,004,349

6,009,429

Current assets

Inventories

6

559,281

886,405

-

Trade Receivables

7

6,653,094

6,129,262

1,251,566

1,476,932

Other Receivables and prepayment

7

1,491,124

236,244

Cash and cash equivalents

9

252,297

1,571,881

10,374

40,153

Total current assets

8,955,797

8,587,548

1,498,184

1,517,085

Total assets

20,711,867

20,391,942

7,502,533

7,526,514

-

Liabilities

Non-current liabilities

Deferred tax liabilities

123,582

123,582

16,457

16,457

Deferred income

-

-

-

Lease liabilities

-

-

-

-

Deposit for Shares

327,383

Long term loan

8

2,435,987

2,458,484

1,627,563

1,648,901

Total non-current liabilities

2,886,952

2,582,066

1,644,020

1,665,358

Current liabilities

Trade and other payables

8

6,162,561

6,274,829

1,418,305

1,740,496

Current tax liabilities

723,350

654,525

129,929

129,329

Current portion of deferred income

128,453

608,969

-

-

Current portion of long term loan

318,544

278,229

318,544

Total current liabilities

7,332,908

7,816,552

1,866,778

1,869,825

Total liabilities

10,219,860

10,398,618

3,510,798

3,535,183

Equity

Ordinary shares

2,348,030

2,348,030

2,348,030

2,348,030

Share premium

35,008

35,008

35,008

35,008

Loss sustained

(1,370,019)

(1,788,977)

145,333

144,929

Other reserves:

- Capital reserve

145,522

145,522

-

-

- Assets revaluation reserve

4,755,307

4,755,307

1,463,364

1,463,364

- FairValue reserve

156

156

-

-

5,914,004

5,495,046

3,991,735

3,991,331

Non-controlling interest

4,578,003

4,498,278

-

-

Total equity

10,492,007

9,993,324

3,991,735

3,991,331

Total liabilities and equity

20,711,867

20,391,942

7,502,533

7,526,514

Mrs. Mayowa Olaniyan

Group Managing Director

FRC/2013/ICAN/00000004330

Onaderu Adeoye

Group Chief Finance Oficer

FRC/2017/ICAN/000000016886

Group

Share capital

Share premium

Revaluation reserves

Capital reserves

Fair value

reserves

Retained earnings

Total

Non-controlling

interests

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

418,958

418,958

79,729

339,229

Other comprehensive income

-

-

Balance at 30 June 2025

2,348,030

35,008

4,755,307

145,522

156

(1,370,019)

5,914,004

4,578,003

10,492,008

-

Balance at 30 June, 2025

2,348,030

35,008

4,755,307

145,522

156

(1,370,019)

5,914,004

4,578,003

10,492,008

Group

Share capital

Share premium

Revaluation reserves

Capital reserves

Fair

value reserves

Retained earnings

Total

Non-

controlling interests

Group

Balance at 1 January 2024

2,348,030

35,008

4,755,307

(1,060)

903,870

8,041,155

4,991,657

9,741,930

Statement of profit or loss

749,470

749,470

306,169

1,055,639

Other comprehensive income

-

-

Other movement in reserve

Balance at 30 June 2024

2,348,030

35,008

4,755,307

-

(1,060)

1,653,340

8,790,625

5,297,826

10,797,569

CHAMS HOLDCO Plc

UNAUDITED STATEMENT CONSOLIDATED AND SEPARATE OF CHANGES IN EQUITY FOR THE PERIOD ENDED JUNE 30, 2025

Company

Share capital N'000

Share

Premium N'000

Revaluation Reserve N'000

Retained

Earnings N'000

Fairvalue Reserve N'000

Total N'000

As at 1st January 2025

2,348,030

35,008

1,463,364

144929

3,991,331

Profit /(Loss) for the Period

-

404

404

Other Comprehensive Income

-

-

-

Total Comprehensive Loss

-

-

-

404

404

Transactions with owners recorded

-

Balance as at 30 June , 2025

2,348,030

35,008

1,463,768

144,929

3,991,735

COMPANY

UNAUDITED STATEMENT CONSOLIDATED AND SEPARATE OF CHANGES IN EQUITY FOR THE PERIOD ENDED JUNE 30, 2024

Company

Share capital N'000

Share

Premium N'000

Revaluation Reserve N'000

Retained Earnings N'000

Fairvalue Reserve N'000

Total N'000

At 1 January 2024 Changes in equity for the year:

Profit for the year

Balance as at 30 June , 2024

2,348,030

35,008

(84,787)

1,478,197

3,776,448

-

-

(249,074)

(249,074)

2,348,030

35,008

(333,861)

1,478,197

3,527,374

Group

Company

Unaudited June, 2025

Unaudited DEC, 2024

Unaudited June, 2025

Unaudited DEC, 2024

N'000

N'000

N'000

N'000

Cash flows from operating activities

Profit/(loss) after tax

418,958

391,055

404

229,716

Adjustment for:

Depreciation of property, plant and equipment

84,129

144,446

6,047

12,193

Depreciation of right-of-use-assets

3,300

-

Amortisation of intangible assets

9,015

-

Transfer from Argone to Access

(58,510)

Impairment charge/(write back) on trade and other

receivables

732,273

90,423

Write off trade and other receivables

(79,253)

(66,206)

Other movement in trade and other receivables

(43,895)

(266,968)

-

Profit on disposal of property, plant and equipment

(4,450)

(3,730)

Interest income

(18,110)

(48,489)

-

-

Finance cost

436,650

363,444

265,881

250,987

Tax expense

68,825

465,679

600

(125,236)

990,451

1,874,616

5,964

388,147

Changes in operating assets and liabilities

Decrease/(increase) in Inventories

327,124

1,891,644

-

Increase in trade and other receivables

(2,014,956)

(2,347,375)

(10,878)

(829,791)

Increase in deferred income

(194,110)

534,233

-

(decrease)/Increase in trade and other payables

(94,450)

(1,125,778)

(24,985)

(38,181)

Tax paid

(30,089)

(197,588)

119.85

(9,282)

Net cash (used in)/from operating activities

(1,016,030)

629,751

(29,779)

(489,107)

Cash flows from investing activities

Proceeds from sale of property, plant and equipment

-

4,450

-

3,730

Purchase of property, plant and equipment

-

(752,513)

-

(5,759)

Acquisition of intangible assets

-

(27,114)

-

-

Sales of investment in subsidiaries

-

-

-

-

Investment in Joint Ventures

-

17,375

-

-

Purchase of land

-

(1,325,000)

-

-

Interest income

48,489

-

-

Net cash (used in)/from investing activities

(2,034,313)

-

(2,029)

Cash flows from financing activities

Proceeds from loans and borrowings

1,798,265

500,000

Repayment of loans and borrowings

(25,435)

(649,133)

44,569

Lease liabilities

-

-

Finance cost

(363,444)

Net cash from/(used in) financing activities

(25,435)

785,688

-

544,569

Decrease/(increase) in cash and cash equivalents

(1,041,465)

(618,874)

(29,779)

53,433

Cash and cash equivalents at the beginning of the year

1,293,762

1,912,636

40,153

(13,280)

Cash and cash equivalents at the end of the year

252,297

1,293,762

10,374

40,153

CHAMS HOLDCO PLC

Unaudited Financial Statement for

the year ended 30 June , 2025

1 General Information

Chams Plc (The Company) was incorporated as a limited liability Company on 10 September 1985 and became a public Company on 4 September 2008. The Company was listed on the floor of the Nigerian Stock Exchange on 8 September 2008. The principal activities of Chams Plc and its subsidiaries (The Group) include identity management, payment collections and transactional systems.

The Company's registered office is located at 8, Louis Solomon Close, Victoria Island, Lagos.

2 Basis of Preparation

These unaudited interim financial statements for the Six months ended June 30, 2025 have been prepared in accordance with IAS 34. 'Interim financial reporting'. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2024, which have been in accordance with IFRS.

3 Significant accounting policies

The accounting policies adopted are consistent with those of the previous financial year

4 Estimates

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ

from these estimates.

5 Revenue recognition

Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably. Revenue is the fair value of the consideration received net of taxes and discounts. Revenue from sales of goods is recognised when delivery has taken place and transfer of risks and reward of ownership has been completed. Revenue from service rendered is recognised immediately the service is completed and a service delivery form

is issued. When services are provided in phases, revenue is recognised on completion of each phase of the project.

6 Property, plant and equipment

Items of property. Plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly

atttributable costs and the estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding liability is recognised within provisions.

7 Cash and Cash equivalent

Cash and Cash equivalents include cash in hand, deposits held at call with banks, other short term highly liquid investments with

original maturities of three months or less. For the purpose of the statement of Cashflows bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.

CHAMS HOLDCO PLC

Notes to Unaudited Consolidated and Separate Financial Statement for

the period ended 30 June, 2025

Revenue

Product line Categories

Jun-25

N,000

1

Chams core

New and membership solution

Data card products supply of cards

Identity cards

Virtual Airtime Fee

Single Funds Transfer Fee &bills Payment

Access control

Pension Central

Public sectors

Phone, computer and accessories

4,802,906

1,379,813

989,461

2,124,224

26,995

4,015

37,082

4,048

420,918

48,808

2

Costs of sales

Business process outsourcing

Chams core

Sales of computers

Data card products supply of cards

Virtual Airtime Fee

Single Funds Transfer Fee &bills Payment

Automated teller machine/printer

Pension Central

HR and payroll services

Other direct costs

Total costs of sales

4,122,132

1,239,437

668,456

1,556,884

12,295

13,056

1,477

269,566

29,827

8,466

7,921,596

3

Other Income

Chams Holdco

Car Centre

Chams Access

Chams Switch

Chams Mobile

39199

196

151461

136

CHAMS HOLDCO PLC

Notes to Unaudited Consolidated and Separate Financial Statement for

the period ended 30 June, 2025

4

Admin Expenses

Payroll Cost

A

Chams Holdco

Car Centre

Chams Access

Chams Switch

Chams Mobile

Jun-25

N,000

186,826

151,657

241,203

81,199

66,342

727,228

B

Marketing Expenses

Chams Holdco

Car Centre

Chams Access

Chams Switch

Chams Mobile

4,505

16,810

32,334

2,433

2,831

58,913

C

Admin Expenses

Chams Holdco

Car Centre

Chams Access

Chams Switch

Chams Mobile

Shared Cost

21,607

180,170

165,061

110,435

71,482

- 216,268

332,487

D

Depreciation and Amortisation

Chams Holdco

Card Centre

Chams Access

Chams Switch

Chams Mobile

6,047

51,705

16,978

6,431

2,968

84,129

CHAMS HOLDCO PLC

Notes to Unaudited Consolidated and Separate Financial Statement for

the period ended 30 June, 2025

Jun-25

N,000

5a

Interest Expense

Chams Holdco

Card Centre

Chams Access

Chams Switch

Chams Mobile

265,881

140,484

30,285

-

5b

Interest Income

18,110

18,110

6

Inventory

Chams Holdco

Card Centre

Chams Access

Chams Switch

Chams Mobile

187,252

353,463

18,566

7

Receivables

Opening Balance

Changes during the period

Closing balance

6,129,262

2,014,956

8,144,218

8

Payables

Opening balance

Change during the period

Closing Balance

6,274,829

- 112,268

6,162,561

CHAMS HOLDCO PLC

Notes to Unaudited Consolidated and Separate Financial Statement for

the period ended 30 June, 2025

Jun-25

N,000

9

Cash and Bank

Chams Holdco

Card Centre

Chams Access

Chams Switch

Chams Mobile

10,374

50,979

101,952

66,346

22,646

252,297

10

PPE

Chams Holdco

Card Centre

Chams Access

Chams Switch

Chams Mobile

1,614,358

1,347,904

67,506

18,784

1,010,286

4,127,319

11

Intangibles

Chams Holdco

Card Centre

Chams Access

Chams Switch

Chams Mobile

54,860

8,682

4,325,157

2,970,873

7,414,294