CWG Plc records Profit Before Tax of N616million, up by 12.6% Y-o-Y

CWG Plc, an Information and Communication Technology solutions and service provider, has released its 2021 financial report with Profit before Tax (PBT) of N616 million. This represents an increase of 16.6% when compared to its 2020 PBT of N547 million.

This is according to the company’s recent financial statement made available on the Nigerian Exchange limited (NGX).

Highlights of the result:

• Closed with a revenue of N11.71billion.
• Gross profit grew by 10.5%, from N2.6billion in FY 2020 to N2.9billion in FY 2021.
• EBITA grew by 1.8%, from N644million in FY 2020 to N655mmillion in FY 2021.
• Profit after tax rose by 1.5% from N443million in FY 2020 to N449 million in FY 2021
• Shareholder’s fund stood at N1billion. This represents a 90% growth year on year
• Return on Average Equity (ROAE) stood at 56%

What CwG is saying about result:

Commenting on the performance, the Managing Director of the company, Mr. Adewale Adeyipo, said, “The financial performance in FY 2021, was borne out of the various strategic initiatives, growth, and expansion of the company’s I.Ps in payment and platforms. He highlighted the benefits of the many partnerships with other technology brands, and the focus of the organisation on innovative products themed “essentials” that addressed customer’s technology needs post Covid. We have intentionally focused on upscaling our digital solutions to ensure that value is derived thus creating a sustainable revenue base for the company.

“In the second half of last year, we focused mainly on specific platform developments required by large enterprises to scale their business leveraging their huge investments in the digital space. We will continue to focus on the development of our IPs to strengthen the commercial momentum within our platform business segment to maximize returns. We are also committed to creating value for our shareholders by proactively delving into current tech trends such as workplace automation, virtualization, and cloud technology while enhancing the potential of the business to have credible revenue streams.”