CWG, a leading IT solutions provider in the Middle East and Africa, proudly reports remarkable year-to-date growth figures for June 2023, showcasing its unwavering dedication to excellence and innovation in the technology industry.
The Group achieved total revenue of N10.71 billion, representing a 60% increase compared to the N6.69 billion recorded during the same period in the previous year. This outstanding growth is a testament to CWG’s commitment to delivering top-notch technology solutions that cater to the evolving needs of businesses and organizations.
The notable performance was driven by an impressive 105% increase in new business compared to the corresponding H1 of 2022.
In H1, CWG achieved an 18.74% increase in gross profit for 2023, reflecting its ability to capitalize on opportunities and optimize operational efficiency. The exceptional gross profit performance underscores the company’s dedication to delivering value to clients while maintaining sustainable growth.
As part of the 2023 strategy, CWG focused on building credible digital technology platforms and services offered as a subscription business to its extensive customer base.
The Company’s EBITDA surged by 23% in H1 2023, while PBT experienced robust year-on-year growth of 31.42%. This outstanding performance is a testament to CWG’s strategic vision, strong leadership, and adaptability in navigating the complexities of the technology landscape.
As an innovative IT solutions provider, CWG remains steadfast in its commitment to driving innovation, ensuring customer satisfaction, and fostering sustainable growth in the technology sector.
- “We are delighted with the remarkable growth attained in the first half of 2023,” stated Adewale Adeyipo, the Group Chief Executive Officer of CWG.
- “Our team’s unwavering dedication and fervor for innovation have played a pivotal role in achieving these outstanding results. Our commitment to empowering businesses with cutting-edge technology solutions remains steadfast, propelling them toward success and unlocking fresh growth prospects. Furthermore, we eagerly look forward to realizing the value of the platform initiatives introduced in the first half of the year, along with our expansion to Dubai and the successful market penetration of new products from Fifth Lab, our sister fintech company.”