CWG declares 39 Kobo dividend as profit soars by 428% in 2024

CWG Plc has announced a dividend of 39 kobo per share for its shareholders, following a landmark year of financial growth in 2024. The payout—disclosed at the company’s 20th Annual General Meeting (AGM) held on Thursday in Lagos—more than doubles the 16 kobo distributed in the previous year.

The tech firm’s robust results drew praise from shareholders, many of whom expressed confidence in CWG’s trajectory and voiced hopes for even greater returns in the years ahead.

Revenue nearly doubled in 2024, surging by 97 per cent from ¦ 23.53 billion in 2023 to ¦ 46.35 billion. Profit after tax skyrocketed by 428 per cent, rising from ¦ 576.08 million to ¦ 3.04 billion. The dramatic leap was attributed to a blend of strategic investments, operational streamlining, and rising income from its regional operations.

Subsidiaries in Ghana and Uganda were central to the group’s success. CWG Ghana posted ¦ 8.44 billion in revenue, an increase of 104.37 per cent, while CWG Uganda followed closely with 106.79 per cent growth, generating ¦ 7.34 billion in the same period.

Addressing shareholders at the AGM, Chairman of the Board, Mazi Philip Obioha, acknowledged the global and domestic economic headwinds but credited the company’s adaptability and focus for delivering such a strong performance.

“Despite obstacles like inflation and currency volatility, CWG remained resilient. This was largely due to our adaptable business model, deliberate investment choices, and the tireless commitment of our team,” Obioha stated.

He also referenced accolades received during the year, including honours from Infosys and the Nigeria Technology Awards, as indicators of CWG’s stature in the tech sector.

Obioha gave a detailed review of the broader economic landscape in 2024, describing it as a year of rising inflation, fluctuating exchange rates, and fiscal strain. Nonetheless, he expressed cautious optimism for 2025, pointing to early signs of market recovery and growth on both local and international fronts.

Group Managing Director and Chief Executive Officer, Mr Adewale Adeyipo, also addressed those in attendance and attributed the company’s record-breaking year to its fintech subsidiary, Fifthlab, as well as its expanded footprint in East Africa and the Middle East.

“This has been more than just a strong year in terms of financials. We’ve laid the groundwork for CWG to become the kind of company we aspire to be within the next two years,” Adeyipo told shareholders and members of the press.

He noted that CWG’s focus on technology had allowed it to weather broader economic turbulence.

“Even during difficult times, technology and food remain essential sectors. We’ve leaned into innovation and the payoff is evident,” he said.

Looking ahead, Adeyipo projected a bullish outlook for 2025, saying the company expects to more than double its current performance metrics. “Just within the first quarter of 2025, our results already show we’re well on course to hit our targets,” he said.

He revealed that the company has solidified its presence in East Africa and is now fully operational in the Middle East. Plans are in motion to deepen this expansion through strategic alliances.

“Fifthlab will be a central focus in 2025. We’re also directing investment into the energy sector as part of our broader diversification efforts,” Adeyipo added.

Shareholders unanimously approved the dividend proposal during the AGM and commended the Board’s stewardship. The meeting was attended in person by Mr Adewale Adeyipo (GMD/CEO), Mr Afolabi Sobande (Group COO), Mazi Philip Obioha (Chairman), Mrs Taba Peterside (Independent Non-Executive Director), and Mr Ireti Yusuf (Executive Director). Other Board members, including Mr Austin Okere, Mr Olusegun Oso, and Mr Babawale Agbeyangi, joined virtually.

CWG concluded the 2024 financial year with total assets standing at ¦ 29.9 billion, marking a 68 per cent increase from the previous year. Shareholders’ equity rose by 195 per cent to ¦ 6.6 billion, while operational cash flow grew by 426 per cent to ¦ 5.8 billion—underscoring the company’s strengthened financial base and renewed growth momentum.