• Wednesday, April 24, 2024
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CWG makes significant strides, posts N11.71bn revenue in 2021

CWG makes significant strides, posts N11.71bn revenue in 2021

CWG PLC has continued to make significant strides in its chosen business lines as evidenced in its 2021 performance where it closed the year with revenue of N11.17 billion, gross profit growth of N2.9 billion or 10.5 per cent higher than N2.6 billion recorded in 2020. Its profit before tax was N616 million up by 12.6 per cent year on year.

The Group’s Earnings before interest, taxes and amortization (EBITA) grew by 1.8 per cent from N644 million in 2020 to N655 million in 2021, and profit after tax rose by 1.5 per cent from N443 million in 2020 to N449 in 2021.

These were contained in the statement presented by the CWG Board chairman, Philip Obioha to the company shareholders at its 17th Annual General Meeting (AGM) held in Lagos recently.

He said the financial performance in 2021 was borne out of the various strategic initiatives, growth and expansion of the group’s products in payment systems and platforms.

According to him, the group performed creditably in the year as evidenced by the key financial metrics. This exceptional performance was largely driven by the well diversified revenue base, efficient management of operating cost and superior technological offering toits customers.

Obioha expressed confidence that ‘’the company is on the right path having taken the steps that would ensure a brighter and more sustainable and profitable future for her stakeholders.’’

He said the business model has enhanced the company’s revenue base thus creating a sustainable recurrent income for the Group.

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Obioha informed the audience that the company is also in partnership with some estates in Lagos to deploy Smart meters with Smart Utility application to residents.

He said the company plan is to ensure that the assembly plant operates at 80 per cent capacity utilization.

In his statement, the Managing Director and Chief Executive Officer, Adewale Adeyipo said the future of the company is bright as reflected in its performance in 2021.

According to him, we are sustainably growing our business so that we may continue to add enormous value to society while also delivering the values that you, our shareholders, expect.

He said the company is digitally reinventing to serve the client’s ever-changing information technology needs.

‘’Our bill presentation and payment platform also recorded substantial growth. In 2021, the product was intelligently modularized to cater to Bills Payment, Lifestyle, Airtime, and Vending,’ the CEO added.

He said the company recorded some significant milestones on its Enterprise Resource Platform (SMERP), built purposely for the SMEs in collaboration with some financial institutions and government agencies with enhanced features like the mobile point of sale, online real-time access and reporting, and automatic order management for targeted market campaigns.