CWG Plc, Nigeria’s leading Information and Communication Technology solutions and service provider, has released its unaudited H1 results showing a stellar Profit Before Tax (PBT) of N2.19 billion, representing a 359% year-on-year growth on the Nigerian Exchange Limited (NGX).
Other key highlights of the result include the following:
- Closed with a revenue of N24billion, a 124% increase year-on-year
- Gross profit grew by 133%, from N2.0 billion in H1 2023 to N4.8 billion in FY 2024.
- EBITDA increased by 271% to N2.3billion in H1 2024
- EBIT grew by 330%, from N524 million in H1 2023 to N2.2 billion in H1 2024.
- Profit before tax rose by 356% from N481million in H1 2023 to N2.1billion in H1 2024
- Profit after tax grew by 389% from N341million in H1 2023 to N1.6billion in H1 2024
The company’s Managing Director, Mr. Adewale Adeyipo, commented on the performance and said, “The financial performance in H1 2024 was borne out of the various strategic initiatives incubated in the last two years, and we have started seeing the results.
These initiatives are essentially around technology services and expanding the company’s IPs on payment platforms.
He noted that CWG has intentionally focused on upscaling its digital solutions to ensure that value is derived, thus creating a sustainable revenue base for the company.”
He further described the various investments and expansion plans of the organization that will propel greater outcomes in subsequent results.