CWG Plc reported a pre-tax profit of N8.01 billion for the financial year 2025, representing an 81.36% increase from N4.4 billion recorded in the prior year.
This strong performance was largely driven by a significant expansion in revenue, which rose to N65.6 billion, compared with N46.3 billion in the previous year.
Beyond revenue growth, the group benefited from healthy operating performance and higher other income, further strengthening bottom-line profitability.
The balance sheet position remained strong, with total assets of N40.6 billion, while retained earnings increased markedly to N8.06 billion, up from N3.4 billion in the preceding year.
Key highlights (FY 2025 vs FY 2024)
- Revenue: N65.6 billion, up 41.65% YoY
- Gross profit: N16.1 billion, up 62.78% YoY
- Other income: N760.7 million, up 153.43% YoY
- Operating expenses: N8.2 billion, up 53.95% YoY
- Operating profit: N8.1 billion, up 80.07% YoY
- Pre-tax profit: N8.01 billion, up 81.36% YoY
Driving the numbers
A closer look at the figures shows that revenue growth was largely driven by software revenue, which contributed the largest share at N22.7 billion.
- This was followed by managed and support services, which generated N13.7 billion, while IT infrastructure services contributed N11.3 billion.
As expected, the rise in revenue was accompanied by higher costs. Cost of sales increased to N49.5 billion, up from N36.4 billion in 2024.
- After accounting for these costs, gross profit settled at N16.1 billion, representing a 62.78% year-on-year increase from N9.8 billion.
Performance was further supported by other income of N760.7 million.
- After operating expenses of N8.2 billion, EBITDA came in at N8.5 billion.
- Deducting depreciation and amortisation of N444.6 million, operating profit stood at N8.1 billion.
On the balance sheet, the company maintained a strong asset position, with total assets of N40.6 billion, up from N29.9 billion in 2024.
- Trade and other receivables, at N23.9 billion, accounted for the largest portion of total assets.
In terms of shareholder value, total equity amounted to N10.04 billion, with retained earnings of N8.06 billion forming the bulk of equity.
On the liabilities side, total obligations rose to N30.5 billion, from N23.3 billion previously.
- Current liabilities were dominated by trade and other payables, which stood at N21.2 billion.
Market reaction
Following the release of its FY2025 results on 31 January 2026, the company’s share price has risen 1.46% month-to-date in February.
As of mid-trading on 3 February 2026, the stock was priced at N24.35 per share.
