CWG Plc, a Nigeria-based systems solutions company, recorded a 1, 338 percent growth in its cash and cash equivalents for the first nine months of 2023, findings by BusinessDay have shown.
According to the company’s financial statement, cash and cash equivalents surged to N1.51 billion in the nine months of this year, an increase from the N105.78 million recorded in the same period of 2022.
The breakdown of its cash flow reveals N1.15 million in cash on hand, N899.3 million in cash at the bank, N487.3 million in short-term deposits, and N139.18 million in restricted cash.
CWG’s net cash (used in) operating activities rose to N1.89 billion in the period under review, a positive shift from the negative N358.1 million recorded in the same period of 2022.
Net cash (used in) from investing activities showed a negative of N232.2 million, compared to N316.7 million recorded in the same period of 2022.
Net cash (used in) from financing activities amounted to N1.08 billion, a significant increase from N153.3 million recorded in the same period of 2022.
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Despite this growth, other income experienced a decline, dropping to N33.6 million from N36.2 million recorded in the same period of 2022.
Operating expenses saw a surge to N2.46 billion in the period under review, up from N1.88 billion recorded in the same period of 2022.
Earnings before interest and Taxes and Amortisation (EBITA) increased to N984.8 million in the period under review, compared to N725.5 million recorded in the same period of 2022.
Earnings before interest and tax (EBIT) amounted to N809.9 million in the period under review, up from N517.4 million recorded in the same period of 2022.
The profit after tax for the period amounted to N534.0 million, a rise from N432.1 million recorded in the same period of 2022.
Total assets for the period reached N16.5billion.
In May, Adewale Adeyipo, managing director, projected that the company would earn N20 billion in revenue at the end of the financial year 2023.
“We are showing our 2023, 2024, and 2025 forecasts where we are looking at almost a 40 to 50 per cent increase year-on-year. We have seen that in our 2022 achievement. We have supported that in our 2023 Q1 report. We are hoping to close in N20billion revenue in 2023 and then grow that to N25billiom and then N30billion in three years.” Adeyipo said.
