Article Summary
- CWG’s revenue rose to N14.2 billion for the 2022 financial year, representing a 21% growth year on year.
- The company said the result was boosted by the gains from its investments in its payment platform and subscription service businesses.
- The company’s shareholders have also approved the payment of a dividend of 4kobo per share for the year.
CWG Plc, an information and communication technology solutions and service provider, has released its 2022 financial report, with its revenue growing by 21% to N14.2 billion. According to the report, the company’s profit after tax also rose by 6% to N476 million from N449 million it recorded in 2021.
On the basis of this, shareholders of the company at its annual general meeting approved a dividend of 4.0 kobo per share while commending the board and management of CWG for improving the company’s fortunes despite the challenges.
Addressing the shareholders, Chairman CWG Plc, Mr. Philip Obioha, said the group recorded remarkable performance in 2022 as it consolidated the gains of its investments in its payment platform and subscription service businesses.
He outlined that the group made significant strides in its businesses in the past year, including onboarding four new banks on its Finedge Core banking application platform on a subscription service basis while also driving its “infrastructure as a service” business with the addition of new customers to its subscribers’ list.
Investment in data centre
He said the company has continued to make significant investments in its Datacenter offerings to provide the required infrastructure needed to support its platform business, adding that the group has also been making giant strides in its energy metering business as it achieved a 600 percent revenue growth when compared to the previous year.
- “Within the year, our company established a new fintech organization named Fifthlab. Fifthlab has an ecosystem of advanced but simple solutions focusing on delivering innovative products and platforms in payments and banking to address the identified gaps,” he said.
He also spoke about the newly established Dubai entity, part of the group’s expansion plan that offers entry into a growing market with a supportive environment for innovation and development.
- “We are confident that the investments and efforts put into the new organization/ businesses will yield significant returns starting from the 2023 financial year,” Obioha said.
He assured shareholders that with the resumption of dividend payments, the board and management of the group would work to ensure unbroken dividend payments annually.
Performance assessment
Assessing the performance of the company, the Managing Director and Group CEO of CWG Plc, Mr. Adewale Adeyipo, said the group’s performance in 2022 demonstrated its business strength and enthusiasm for achieving success.
He noted that key performance indices reached five-year highs in 2022, which underlined the group’s commitment to doing the right things at the right time for its business and customers, which helped foster growth across its regional centers.
- “We have stepped up our ability to innovate, adapt to new ways of doing business, renewed and repurposed our commitment to service excellence as well as listening to our customers to provide customized superior value to them,” Adeyipo said.
