Board Change • May 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 12
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 19
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Oct 10
Chellarams Plc, Annual General Meeting, Nov 06, 2025 Chellarams Plc, Annual General Meeting, Nov 06, 2025, at 13:00 W. Central Africa Standard Time. Board Change • Sep 09
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jul 29
First quarter 2026 earnings released: ₦0.05 loss per share (vs ₦0.048 profit in 1Q 2025) First quarter 2026 results: ₦0.05 loss per share (down from ₦0.048 profit in 1Q 2025). Revenue: ₦5.26b (up 28% from 1Q 2025). Net loss: ₦35.8m (down 203% from profit in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 148 percentage points per year, which is a significant difference in performance. Board Change • Jul 23
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • May 07
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 22
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 04
Third quarter 2025 earnings released: ₦0.019 loss per share (vs ₦0.17 loss in 3Q 2024) Third quarter 2025 results: ₦0.019 loss per share (improved from ₦0.17 loss in 3Q 2024). Revenue: ₦7.77b (up 131% from 3Q 2024). Net loss: ₦13.7m (loss narrowed 89% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Board Change • Jan 24
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Nov 03
Chellarams Plc, Annual General Meeting, Nov 21, 2024 Chellarams Plc, Annual General Meeting, Nov 21, 2024, at 13:00 W. Central Africa Standard Time. Reported Earnings • Nov 01
Second quarter 2025 earnings released: ₦0.38 loss per share (vs ₦0.26 loss in 2Q 2024) Second quarter 2025 results: ₦0.38 loss per share (further deteriorated from ₦0.26 loss in 2Q 2024). Revenue: ₦4.83b (up 77% from 2Q 2024). Net loss: ₦273.8m (loss widened 48% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 08
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₦1.9b This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₦1.9b). Market cap is less than US$10m (₦2.67b market cap, or US$1.65m). Reported Earnings • Sep 08
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₦4.10b (up 90% from 1Q 2024). Net income: ₦34.9m (up ₦117.6m from 1Q 2024). Profit margin: 0.9% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₦3.37b (up 26% from 3Q 2023). Net loss: ₦123.2m (loss narrowed 65% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₦2.73b (up 10.0% from 2Q 2023). Net loss: ₦184.6m (down 111% from profit in 2Q 2023). New Risk • Aug 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Nigerian stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₦2.23b market cap, or US$3.01m). Minor Risks High level of debt (506% net debt to equity). Share price has been volatile over the past 3 months (10% average weekly change). New Risk • Jul 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 44% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (44% accrual ratio). Market cap is less than US$10m (₦1.53b market cap, or US$1.96m). Minor Risk High level of debt (464% net debt to equity). Reported Earnings • Jul 20
Full year 2023 earnings released: EPS: ₦6.88 (vs ₦1.13 in FY 2022) Full year 2023 results: EPS: ₦6.88 (up from ₦1.13 in FY 2022). Revenue: ₦10.6b (up 9.5% from FY 2022). Net income: ₦4.97b (up ₦4.16b from FY 2022). Profit margin: 47% (up from 8.4% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 02
Full year 2023 earnings released Full year 2023 results: Revenue: ₦10.3b (up 6.4% from FY 2022). Net income: ₦3.83b (up 370% from FY 2022). Profit margin: 37% (up from 8.4% in FY 2022). The increase in margin was primarily driven by lower expenses. Reported Earnings • Feb 03
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₦2.67b (up 97% from 3Q 2022). Net loss: ₦347.6m (loss widened 52% from 3Q 2022). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 02
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₦2.49b (down 32% from 2Q 2022). Net income: ₦1.76b (up ₦1.91b from 2Q 2022). Profit margin: 71% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 13
Full year 2022 earnings released: EPS: ₦1.13 (vs ₦5.28 loss in FY 2021) Full year 2022 results: EPS: ₦1.13 (up from ₦5.28 loss in FY 2021). Revenue: ₦9.68b (up 101% from FY 2021). Net income: ₦814.7m (up ₦4.63b from FY 2021). Profit margin: 8.4% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 01
Third quarter 2022 earnings: Revenues in line with analyst expectations Third quarter 2022 results: Revenue: ₦1.35b (down 5.5% from 3Q 2021). Net loss: ₦229.3m (loss narrowed 41% from 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Mar 02
Third quarter 2021 earnings released The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ₦1.43b (up 3.4% from 3Q 2020). Net loss: ₦391.2m (loss widened 15% from 3Q 2020). Is New 90 Day High Low • Jan 13
New 90-day low: ₦2.26 The company is down 10.0% from its price of ₦2.51 on 15 October 2020. The Nigerien market is up 35% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Industrials industry, which is up 14% over the same period. Is New 90 Day High Low • Nov 02
New 90-day low: ₦2.40 The company is down 4.0% from its price of ₦2.51 on 04 August 2020. The Nigerien market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Industrials industry, which is down 16% over the same period. Is New 90 Day High Low • Oct 07
New 90-day low: ₦2.40 The company is down 4.0% from its price of ₦2.51 on 09 July 2020. The Nigerien market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Industrials industry, which is down 21% over the same period. 
