CWG Plc, a leading publicly quoted system integration company, has said its five operating strategic pillars have been major drivers for its growth and resilient financial performance.
Chief Executive Officer, CWG Plc, Mr. Adewale Adeyipo, said the five operating strategic pillars, which are growth, profits, liquidity, brand and dividend, have been essential guide on what CWG would be doing and how it would be done.
According to him, the implementation and strict adherent to these pillars, which were initiated two years ago, have contributed to the growth of CWG in the last one year, leading to the re-introduction of some valuable information technology (IT) services and an increase in customised services businesses.
For instance, the five pillars helped the CWG to record a transaction volume of over N12 billion on its BillsnPay presentment platform. This record is a major chunk of over 3000 per cent of what the company had in 2018, 2017 and 2016 combined.
“We evaluate every decision and predetermine the contribution to all or any of these pillars. The pillars have created focus and clarity. They have helped us to know what business to take seriously and what we should cease doing. Not every opportunity is considered to be a ‘Must Have, it mostly depends on its contribution to the pillars. I can tell you that the underlining principles that have kept us focused are these five pillars,” Adeyipo said.
CWG had on June 25, 2020 presented its latest audited report to its shareholders at the annual general meeting held at CWG’ headquarters.
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.