• Saturday, July 20, 2024
businessday logo

BusinessDay

CWG posts N2.6b gross profit in full year earnings

CWG posts N2.6b gross profit in full year earnings

CWG Plc, Nigeria’s leading Information and Communication Technology solutions and service provider in its unaudited result for the years 2020 recorded revenue of N11.8 billion and gross profit of N2.6 billion, representing an increase of 23.4 percent and 13.9 percent respectively, Year on Year.

This is as the Company also recorded a Profit After Tax (PAT) of N487million, representing an increase of 570 percent when compared to its 2019 PAT of N72.7 million.

This is according to the company’s recent financial statement made available on the Nigerian Stock Exchange.

Read Also: As Mastercard pushes boundary of contactless technology in Africa, is Nigeria ready?

In its unaudited financial statement for the period ended December 2020, the largest system integration company in Nigeria also recorded revenue of N11.8 billion and gross profit of N2.6 billion, representing an increase of 23.4 percent and 13.9 percent respectively, Year on Year.

Other key highlights of the 2020 financial statement show decline in operating expenses by 24.4 percent to N1.8 billion. The company’s EBITDA, EBIT and PBT stood at N888 million, N636million and N546million, respectively.

Though no official statement has been issued by CWG Plc with regards to 2020 audited financial results, the revenue growth is connected to the company’s resilience amid the Covid-19 pandemic, where it continued to churn out innovative solutions and invest in rewarding partnerships.