Finance

CWG records N2.6 billion profit

Seven banks fined N1bn for forex offences

CWG Plc, which is listed on the Nigerian Exchange Limited (NGX) has declared a gross profit of N2.6 billion in its 2020 financial year.

This represented a 13 per cent growth over the N2.3 billion it declared in 2019.

The company also declared a net revenue of N11.7 billion in 2020, which was 22 per cent higher than the prior year’s income.

Given its financial performance for the year ended 31st December, 2020, the company assured its shareholders of good returns on their investments, in line with its mandate to deliver value to its shareholders who believed and invested their money in the company.

The Group Managing Director/CEO at CWG Plc, Mr. Adewale Adeyipo, gave the assurance at the 16th Annual General Meeting of the company, which held recently in Lagos, where the audited statements of the financial position of the company were discussed, together with the statement of comprehensive income for the year ended 31st December, 2020.

Although the company declared zero dividend from its transactions for the year ended 31st December, 2020, it however assured the shareholders of dividend in the coming years.

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“In the last five years performance of the company’s business, there has been improved year-on-year in its financial results, with great efficiency. But even at that, a lot more needs to be done in order to pay impressive dividend to shareholders in the coming years.

“Our performance for last year, showed we are close to dividend payout. I can assure our shareholders that we will tell a better story in our next AGM, as we seek their support,” Adeyipo said.

Analysing the financial performance of the company, Adeyipo explained CWG’s increase in top line by over 27 per cent.

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He explained that the operational cost used in delivering the results, also reduced, compared to previous years.

“There is a new restructuring in our line of business and we are getting the necessary tractions and collaboration, which are factors that are driving the business growth that we see today. Overall, I can say the business is doing very well and I can assure the shareholders of dividend payout in the coming years,” Adeyipo further explained.

Fielding questions about the performances of the three subsidiaries of CWG Nigeria Plc in Ghana, Cameroon, and Uganda, Adeyipo said all the subsidiaries were doing well with revenues and business engagement of over 52 per cent, despite the global effect of COVID-19 on businesses.

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He said the Pan Africa initiative of all the four hubs of CWG Plc in Nigeria, Ghana, Cameroon and Uganda, remained on course to deliver services to 26 African countries, leveraging the Pan African strength.

Chairman, CWG Plc, Mr. Phillip Obioha, said the improved revenue and gross profit were due to the gains from the decision the company took in 2019 to re-invest in some of its platforms and subscription business. “We increased our capacity and staff enablement to provide customised development and consulting services on specific platforms and market segments. The company also invested a lot of time and resources to our Innovation Hub. We engaged skilled developers and came up with a compelling value proposition and product roadmap for most of our software applications,” Obioha said.

Thisday

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