CWG records 36.3% revenue growth in 2020 unaudited H1 results
The 2020 first half-year unaudited financial results of CWG Plc, Nigeria’s leading Information and Communication Technology solutions and services across West, Central, and Eastern Africa has shown an impressive 36.3 per cent revenue growth.
The result is an indication of the company’s resilience in the face of the COVID-19 pandemic, especially when compared to the first half of 2019.
A breakdown of the results show positive growth across key financial metrics and reflect CWG’s leading position as one of the best ICT solution providers within the West African sub-region.
According to the figures, the Group reported a Profit before Tax of N339million, representing a growth of 127 per cent over N149million recorded in the corresponding period of 2019. Operating expenses declined by 5.2 per cent which was achieved by various cost-saving initiatives introduced by the management during the period under review. EBITDA and EBIT stood at N490million and N358million, representing a growth of 43 per cent and 94 per cent respectively over the same period in 2019.
The Chief Executive Officer of CWG Plc, Mr. Adewale Adeyipo, had last month during an online 2019 Annual General Meeting, (AGM) of all shareholders, explained how the company was able to adapt to the current realities while ensuring that strategy and resources align with market opportunities and business needs.
“We are changing how we define our assets and resources while creating tools for achieving present and future customers’ requirements. We have also created an ecosystem of Go to Market PARTNERS for growth and development,” Adeyipo said.
CWG Plc has been involved in the creation of some unique solutions and I.Ps that are targeted to address some gaps they have noticed in vital industries in Sub Saharan Africa. These solutions are wholly owned and developed by CWG and have been strategically positioned across some viable sectors of the economy like Payment, SMEs, Health, Gaming, Financial Inclusion Services, and Platforms.
Meanwhile, the company has indicated that CWG’s focus for H2 2020 would be on Cost Optimization Solutions, Process and Operational Efficiency, Platform for New Revenue Streams, Co-Creation through Asset Utilization, Security, and Digital Enablement.
