Computer Warehouse Group (CWG) Plc on Wednesday, May 3, 2023 presented its financial performance, strategic, and operational developments to the investment community at the Facts-Behind-the-Figures event hosted by the Nigerian Exchange Limited (NGX).
Temi Popoola, Chief Executive Officer of NGX, represented by Jude Chiemeka, Divisional Head, Capital Markets, NGX, commended CWG for leveraging the platform to increase engagement with the capital market community, encouraging transparency and price discovery, which will positively impact the overall performance of their stocks.
In his opening remarks, Popoola, expressed his pleasure at the commitment of CWG Plc in leveraging the platform to increase its engagement with the capital market community. He noted that the interaction would positively impact the overall performance of CWG Plc in the capital market.
Popoola commended the Board and Management of CWG Plc for their commitment to adhering to higher standards of corporate governance, deeper social impact, higher regulatory compliance, and greater returns for shareholders. “We encourage CWG Plc to continue to strive for sustainability, given the fast-changing macroeconomic environment in Nigeria and globally,” he said.
Adewale Adeyipo, GMD, CWG said the company reported a strong financial performance for the year 2022, recording N476.8 million Profit Before Tax (PBT), an improvement from N449.6 million PBT in 2021.
“The company has continued to build its brand as a market leader in the African IT industry by creating excellent service culture and delivering its operations through global best practices using its ISO9001 certification process across the group,” he said. Adeyipo stated that the company is focused on scaling its operations, optimizing its products, and collaborating with key partners to deliver innovative technology solutions that meet the evolving needs of its clients across various sectors, including financial services, telecommunications, and government.
NGX provides an efficient, liquid, and multi-asset securities platform, offering investors varied options, including equities, fixed income, derivatives, and other Exchanged Traded Products (ETPs) including Mutual Funds and Exchange Traded Funds (ETFs). The market continues to be resilient in providing stakeholders with a platform to raise capital and invest. Year to date, NGX has facilitated needed financing of over N3.85 trillion in capital raised by governments and corporates across various asset classes.