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CWG Plc records 14% decline in 2020 FY pre-tax profits

CWG Plc (CWG) recorded a decline in its 2020 FY pre-tax profit, as total revenue increased.

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CWG Plc confirms Adewale Adeyipo's appointment as MD/CEO

CWG Plc (CWG) recorded a decline in its 2020 FY pre-tax profit, as total revenue increased.

CWG Plc – an ICT Solutions company – reported pre-tax profit of N546.24 million in 2020 FY compared to N634.01 million recorded in the same period of 2019 – a 13.84% decline.

READ: Airtel Africa Plc records 3.8% decline in 2020 9M pre-tax profit

Key highlights for 2020 FY

  • Revenue increased to N11.81 billion, +23.4% YoY.
  • Other income declined to N37.27 million, -96.73% YoY.
  • Cost of sales increased to N9.16 billion, +26.45% YoY.
  • Operating expenses declined to N1.8 billion, -24.40%YoY.
  • Interest and finance charges increased to N89.87 million, +22.91% YoY.
  • Pre-tax profit declined to N564.24 million, -13.84% YoY.

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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