CWG has assured its shareholders of sustained growth and determination to continue to improve the company’s fortunes despite challenges in the economy. This is as shareholders approved a dividend of 4.0 kobo at its 18th Annual General Meeting held in Lagos.
The audited report and accounts for the year ended December 31, 2022, showed that the CWG recorded 21.3 percent growth in total turnover, and gross profit rose by 31.4 percent over 2021. While earnings before tax increased by 20.3 percent. The group’s total assets grew 58.4 percent from N9.17 billion in 2021 to N14.53 billion in 2022.
Addressing the shareholders, Philip Obioha, chairman of CWG Plc said the group recorded remarkable performance in 2022 as it consolidated the gains of its investments in its payment platform and subscription service businesses.
He outlined that the group made significant strides in its businesses in the past year, including onboarding four new banks on its Finedge Core banking application platform on a subscription service basis while also driving its “infrastructure as a service” business with the addition of new customers to its subscribers’ list.
He said the company has continued to make significant investments in its Datacenter offerings to provide the required infrastructure needed to support its platform business, adding that the group has also been making giant strides in its energy metering business as it achieved a 600 percent revenue growth when compared to the previous year.
He also spoke about the newly established Dubai entity, part of the group’s expansion plan that offers entry into a growing market with a supportive environment for innovation and development.
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“We are confident that the investments and efforts put into the new organization/ businesses will yield significant returns starting from the 2023 financial year,” Obioha said.
He assured shareholders that with the resumption of dividend payments, the board and management of the group would work to ensure unbroken dividend payments annually. “The board is committed to working with management in deploying the group’s assets judiciously and profitably to maximize shareholders’ return,” Obioha said.
Adewale Adeyipo, managing director/ CEO of CWG Plc, said the group’s performance in 2022 demonstrated its business strength and enthusiasm for achieving success.
He noted that key performance indices reached five-year highs in 2022, which underlined the group’s commitment to doing the right things at the right time for its business and customers, which helped foster growth across its regional centres.
“We have stepped up our ability to innovate, adapt to new ways of doing business, renewed and repurposed our commitment to service excellence as well as listening to our customers to provide customized superior value to them,” Adeyipo said.
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