Chams profit rises 188% as cybersecurity revenue triples

Chams Holding Company Plc, a Nigerian identity management and transactional technology provider, grew its profit by 188.44% to ₦429.40 million ($311,281) in the first quarter of 2026, as rising demand for cybersecurity services boosted its earnings.

Revenue rose 8.52% to ₦4.20 billion ($3.05 million), while a 7.18% drop in cost of sales boosted profitability, according to its unaudited Q1 results.

The results highlight cybersecurity as a key growth driver for Chams, as Nigerian organisations ramp up spending to defend against escalating cyber threats and stricter regulatory demands. While biometrics and card services still anchor revenue, the security and digital infrastructure are emerging as the next phase of expansion. 

Revenue from its cybersecurity and infrastructure business jumped 240.11% to ₦730.31 million ($529,417), meaning the company has already achieved 88.44% of its full-year 2025 revenue from the segment in just one quarter. 

The surge reflects a broader shift in Nigeria’s risk environment. Cyberattacks have intensified across financial institutions and government agencies, with the National Information Technology Development Agency (NITDA), Nigeria’s tech regulator, pushing for organisations to begin disclosing breaches and share intelligence to improve collective resilience. 

Through its subsidiary, Chams Access, which provides cybersecurity solutions, the group is benefiting as organisations ramp up spending on cyber defence.

Biometrics and cards still drive scale 

Beyond cybersecurity, the company’s more established businesses continue to deliver scale. 

Card-related revenue, classified as “data card products supply,” generated ₦1.80 billion ($1.31 million) in Q1, driven by increased SIM card production for telecommunications providers. CardCentre, a Chams subsidiary, said it was producing about three million SIM cards monthly and 5,000 bank cards daily as of September 2025. 

Biometrics, another core revenue line, contributed ₦1.61 billion ($1.17 million) in the quarter. The company remains a key player in biometric identity solutions, with clients across government and financial services, including First Bank and Sterling Bank. In 2025, biometrics was its largest segment, generating ₦10.65 billion ($7.72 million) out of total revenue of ₦17.48 billion ($12.67 million). 

Since 2025, Chams has aligned its strategy around SIM distribution, payments infrastructure, and digital services.

In August, 2025, the company announced plans to raise ₦7.65 billion ($5.55 million) to invest in a card personalisation plant and expand into cross-border digital payments. By February 2026, it had created a new subsidiary, ChamsCorp Plc, to target opportunities in artificial intelligence and data centre infrastructure. 

For now, one of its fastest-growing opportunities is tied to a more immediate concern for many organisations: cybersecurity.