Computer Warehouse Group Plc, a pioneering IT company in Nigeria posted a revenue of N7.56 billion in Q3 2023, marking a year-on-year growth of 117.7% from the corresponding quarter in 2022.
The group recorded a profit before tax of N272.4 million in Q3 2023, representing a 134.4% year-on-year appreciation from the same quarter last year.
Thus, modifying the group’s pre-tax profit for the nine months ending September 30, 2023, to N754.3 million, a year-on-year increase of 56.21% from the same period last year.
Key Highlights Q3 2023 vs Q3 2022
- Revenue: N7.56 billion, +117.7% YoY
- Cost of sales: N6.21 billion, +135.5% YoY
- Gross profit: N1.35 billion, +61.6% YoY
- Operating expenses: N1.01 billion, +53.9% YoY
- EBITDA: N342.58 million, +68.7% YoY
- Depreciation and amortisation: N57.27 million, -23.0% YoY
- EBIT: N285.31 million, +121.7% YoY
- Profit before tax: N272.41 million, +134.4% YoY
- Profit for the period: N174.34 million, +76.4% YoY
- Cash and cash equivalents: N1.51 billion, +1329.2% YoY
- Total assets: N16.48 billion, +13.4 YTD
More Insights
The group’s revenue in Q3 2023 modified its nine months earnings to N18.26 billion, representing a year-on-year growth of 79.7% from the corresponding period in 2022.
Unlike numerous non-banking companies experiencing notable spikes in Q3 interest expenses resulting from increasing interest rates, CWG witnessed a modest 3.2% year-on-year rise in its Q3 2023 interest expenses.
