Considering the emerging of the ravaging Covid-19 pandemic, which was not envisaged but disrupted several businesses in the year 2020, Nigeria’s CWG Plc has said the attraction this year would be to leverage its innovative digital product offerings.
These digital offerings, according to the company touted as the largest system integration company in Nigeria would service the financial industry and telecommunications sector to cater for the current realities while ensuring that strategy and resources align with market opportunities and business needs.
Speaking to Journalists in Lagos via a virtual interaction, Mr. Afolabi Sobande, Chief Financial Officer at CWG Plc, said started to see the gains of the new partnerships CWG had in 2020, which was borne out strategic focus to offer innovative IT solutions to its existing and new customers, the company would continue to offer innovative solutions, especially for the financial and telecommunications industry in 2021.
“We are currently deploying solutions within the financial service industry which helps to protect the financial institutions asset owing to an increased risk of fraud from digital products offered by the banks, occasioned by the pandemic in 2020,” he added.
He noted that going by the conclusion by several analysts and industry watchers that 2020 is a year of survival, Mr. Afolabi explained CWG has started the year 2021 on a good footing by leveraging on the year 2020 gains in terms of the efficiency and effectiveness it achieved from its operations and growth in digital solutions offering. “In 2021, we will continue to churn out innovative solutions and invest in rewarding partnerships,” he assured.
Despite Covid-19 and harsh economy situations in Nigeria in 2020, CWG Plc was able to outperform its 2019 numbers across key financial metrics. PAT, revenue, and gross profit increased by 570%, 23.1% and 13.9% to N487million, N11.8billion, and N2.6billion respectively when compared to 2019 numbers.
The company with operations in four African countries was able to drive down its cost by 24.4% in 2020, owing to various cost-saving initiatives introduced by the management. The impressive financial performance, despite the negative impact of the global pandemic, was borne out of strategic focus to diversify its revenue base. Thus, creating a sustainable path for the company to thrive in challenging times.