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Home Business News

CWG Plc turnover plunges to ₦8 billion in 2017

Fikayo Owoeye by Fikayo Owoeye
April 3, 2018
in Business News, Company News
CWG Plc turnover plunges to ₦8 billion in 2017
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CWG Plc formerly Computer Warehouse Group has released its financial statements for the year ended December 2017. The report shows its revenue plummeted from ₦10.2 billion in 2016 to ₦8.8 billion in 2017.

This is a negative performance from one of the country’s biggest IT services companies given that it made a pre-tax profit of ₦142 million in 2016 compared to a pre-tax loss of ₦1.5 billion in 2017.

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Recall that the Board of Directors of the IT group had earlier hinted at a decline in performance and its earnings noting that the preliminary review of the annual report and accounts for the year ended December 31, 2017, revealed that estimated earnings and year-end financial targets  “will be materially lower in comparison to prior year financials”.

The board noted that the reduction in earnings is as a result of losses incurred due to the financial cost implications of non-actualised projects which have adversely affected the company’s estimated earnings and year-end projections.

CWG Plc formerly Computer Warehouse Group Plc was incorporated in Nigeria as a Private limited liability company on 1 February 2005 and became a public limited liability company on 15 November 2013. The group is primarily engaged in the supply, installation, maintenance, and support of hardware, software, consultancy, communications and managed services.

Here is a copy of the result


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Tags: CWG PlcFull year 2017 financial reports
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

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