CWG Plc records N616million profit before tax, a 12.6 percent increase year on year

CWG Plc, Nigeria’s leading Information and Communication Technology solutions and service provider recorded significant growth and good performance with a Profit Before Tax (PBT) of N616million in its 2021 result. This represents an increase of 16.6% when compared to its 2020 PBT of N547m.

This is according to the company’s recent financial statement made available on the Nigerian Exchange limited (NGX). Other key highlights of the result include the following:

• Closed with a revenue of N11.71billion.
• Gross profit grew by 10.5%, from N2.6billion in FY 2020 to N2.9billion in FY 2021.
• EBITA grew by 1.8%, from N644million in FY 2020 to N655mmillion in FY 2021.
• Profit after tax rose by 1.5% from N443million in FY 2020 to N449 in FY 2021.
• Shareholder’s fund stood at N1billion. This represents a 90% growth year on year.
• Return on Average Equity (ROAE) stood at 56%.

Commenting on the performance, the Managing Director of the company, Mr. Adewale Adeyipo, said, “The financial performance in FY 2021, was borne out of the various strategic initiatives, growth and expansion of the company’s I.Ps in payment and platforms. He highlighted the benefits of the many partnerships with other technology brands, and the focus of the organisation on innovative products themed “essentials” that addressed customers’ technology needs post-Covid. We have intentionally focused on upscaling our digital solutions to ensure that value is derived thus creating a sustainable revenue base for the company” he stated. In the second half of last year, we focused mainly on specific platform developments required by large enterprises to scale their business by leveraging their huge investments in the digital space.

We will continue to focus on the development of our IPs to strengthen the commercial momentum within our platform business segment to maximize returns. We are also committed to creating value for our shareholders by proactively delving into current tech trends such as workplace automation, virtualization, and cloud technology while enhancing the potential of the business to have credible revenue streams.

We are excited about the possibilities and partnerships secured in the last quarter of 2021 that will propel the organisation to a more rewarding financial year in 2022, delivering value to our shareholders.