CWG posts N11.8 billion revenue in 2020 financial year

CWG Plc, Nigeria’s leading Information and Communication Technology solutions and service provider has recorded a Profit After Tax (PAT) of N487 million in its 2020 result. This represents an increase of 570% when compared to its 2019 PAT of N72.7 million.

This is according to the company’s recent financial statement made available on the Nigerian Stock Exchange. 

In its unaudited financial statement for the period ended December 2020, the largest system integration company in Nigeria, also recorded a revenue of N11.8 billion and gross profit of N2.6 billion, representing an increase of 23.4% and 13.9% respectively, Year on Year. 

Other key highlights of the 2020 financial statement show decline in operating expenses by 24.4% to N1.8 billion. The company’s EBITDA, EBIT, and PBT stood at N888 million, N636 million, and N546 million, respectively.

Though no official statement has been issued by CWG Plc with regards to 2020 audited financial results, the growth in revenue is connected to the company’s resilience amid the Covid-19 pandemic, where it continued to churn out innovative solutions and invest in rewarding partnerships.