Chams Plc Market Value Jumps by 23.4% in 5-Day
Ranked among top performers on the Nigerian Exchange, Chams Plc’s market value surged by 23.4% over the last five trading sessions in the local bourse. The positive price movement was propelled by the increased popularity of the company stocks among alpha seekers, value hunters.
Demand for Chams Plc shares pushed it market value to N8.992 billion on Friday on the Nigerian Exchange. Its market price ticked up to N1.90 per share from N1.40 at the beginning of the previous week.
Chams Plc is trading at a 48% discount to its 52 week high on the Nigerian Exchange. The ICT stock had hit the bottom, at 38 kobo in the last year.
Investors appeared to have raised their appetite by positioning in the stock on the expectation that the ICT Company’s future earnings streams would come strong.
In the first quarter of 2024, Chams Plc reported N146.572 million in profit, which was a significant year-on-year decline when compared with N323.811 billion the group achieved in the comparable period in 2023.
Its profit slumped by about 55%, according to Chams Plc unaudited financial statement submitted to the Nigerian Exchange as first three months performance scorecard, despite a surge in revenue.
The company grew revenue by 34.38% year on year to N3.471 billion in Q1-2024, from N2.583 billion in the comparable period in 2023. According to its financial statement, costs of sales rose to N2.494 billion, up by 25.69% year on year when compared with N2.055 billion in Q1-2023.
Its earnings loss was driven by an increased cost profile amidst a strong drop in finance income. Other operating income of the company went down strongly year on year to less than N24 million in Q1-2024 from about N379 million 12 months earlier. #Chams Plc Market Value Jumps by 23.4% in 5-Day
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