CWG Plc Records N9.56Bn Revenue in 2019 Financial Year, a 23.4% Increase From 2018
Computer Warehouse Group (CWG Plc), a leading provider of ICT services in Nigeria recorded significant revenue growth in 2019. This is according to its just-released full-year audited financial statement for the year ended 31 December 2019.
The report showed that the company made a revenue of N9.56 Billion in the financial year (FY) 2019. This is a 23.4% increase from the N7.75 billion gross revenue the company recorded in 2018.
For the first time in the last two years, CWG posted profits after taxes. According to the report, the company made a profit of N72.7 million in FY 2019. This is a significant turnaround from N1.5 billion loss after taxes recorded in 2017 and N1.1 billion loss after taxes posted in 2018.
CWG cut loss after tax by 24% in 2018 and finally turned it around into profits in 2019
The company’s total net asset showed positive improvement from the 2018 report. The FY 2019 report showed N218.8 million in assets, a 90.9% increase from the N114.6 million assets declared in FY 2018.
However, the company’s IT Infrastructure Services took a hit as profit before tax (PBT) dropped by 52% to N251.5 million in FY 2019. The PBT was N526.2 million in 2018.
The most profitable sector in CWG was the Management & Support services as the company turned around the N1.4 billion loss before tax in FY 2018 to a significant N288.1 million profit before tax in FY 2019. The total PBT for the company was positive at N634million.
In summary, the year 2019 was a very good year for CWG as the company was able to achieve profitability. However, the current economic effect of the pandemic reduces its chances of recording greater growth in 2020. But then, we never say never.