CWG posts N634m profit

 

CWG Plc recorded profit before tax of N634 million in 2019 as the pan-African information and communications technology company continued to grow its market share.

Key extracts of the audited report and accounts of CWG for the year ended December 31, 2019 showed that the company’s gross revenue increased by 23.4 per cent to N9.6 billion in 2019 as against N7.8 billion in 2018. The company recorded a positive earnings before interest, tax, depreciation and armotisation (EBITDA) of N892 million.

Profit before tax stood at N634 million while profit after tax closed at N73 million. The growth in revenue and profit was achieved with a reduction of 23 per cent in operating expenses. Meanwhile, net assets grew by 67.4 per cent to N192 million as against N115 million.

Chief Executive Officer, CWG Plc, Mr Adewale Adeyipo, who took over on January 1, 2019, had in a preview outlined that the company was well prepared to deal with uncertainties by drawing on its strengths and being proactive with creating scenarios for varying outcomes.

A former executive director for sales and marketing at CWG, Adeyipo took over from Mr James Agada, who completed his three-year tenure as the chief executive of the company on December 31, 2018.

“So, it is not so much of fear, but more of being better prepared for any economic ups and downs. I think as an organisation we have been on this road many times before and we clearly know what needs to be done in time like this. I am sure CWG is prepared to weather all outcomes that the year brings,” Adeyipo said.

He said CWG had been able to rekindle its markets with some of the developmental initiatives taken in recent years noting that the group now has more products in the market, with some other products in their maturity state while many products were under research and development.

Acknowledging challenges, Adeyipo said the team at CWG was committed at ensuring performance to the highest standards while achieving a more profitable organisation.

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