CWG records N11.8bn Profit after Tax

CWG Plc, one of Nigeria’s leading information and communication technology solutions and service providers has recorded a profit after tax (PAT) of N487 million in its 2020 result, representing an increase of 570 per cent when compared to N72.7 million posted in 2019.

In its unaudited financial statement for the period ended December 2020, the system integration company in Nigeria, also recorded a revenue of N11.8 billion and gross profit of N2.6 billion, representing an increase of 23.4 per cent and 13.9 per cent per cent respectively compared with N9.566 billion and N2.325 billion in 2019.

Other key highlights of the 2020 financial statement show decline in operating expenses by 24.4 per cent to N1.8 billion. The company’s earnings before interest, tax, depreciation and amortization (EBITDA), Earnings before interest and tax (EBIT) and profit before tax (PBT) stood at N888 million, N636 million and N546 million in that order.
Market analysts have said the growth in revenue was connected to the company’s resilience amid the Covid-19 pandemic, where it continued to churn out innovative solutions and invest in rewarding partnerships.