CWG Plc posts N4.4bn full-year pre-tax profit, declares final dividend
CWG Plc has released its financial report for the year ending 31 December 2024, posting a pre-tax profit of N4.4 billion for the full year.
This marks a substantial 290.24 per cent year-on-year increase compared to the N1.1 billion reported in the previous year.
The group’s annual revenue surged to N46.3 billion, reflecting a 97 per cent increase from the N23.5 billion recorded the previous year.
Total assets rose to N29.9 billion, representing a 68.09 per cent year-on-year growth from N17.8 billion. Meanwhile, retained earnings experienced a notable rise, reaching N3.4 billion—an increase of 330.55 per cent.
CWG also announced a final dividend of 39 kobo per share for the period ending 31 December 2024, subject to the applicable withholding tax and necessary approvals.
This dividend will be distributed to shareholders whose names are listed in the Register of Members as of the close of business on Monday, 7 April 2025.
The company’s revenue growth of 97 per cent resulted in total earnings of N46.3 billion, up from N23.5 billion in 2023.
Of this amount, revenue from software solutions contributed 35.43 per cent, amounting to N16.4 billion, while managed support services accounted for 31.39 per cent at N14.5 billion. IT Infrastructure Services represented 27.48 per cent, generating N12.7 billion.
Additionally, the platform business brought in N2.1 billion, and communications and integrated services contributed N447.4 million, completing the company’s revenue distribution.
At the same time, CWG’s cost of sales climbed by 94.13 per cent, reaching N36.4 billion, up from N18.7 billion in 2023.
Expenses related to managed support services amounted to N13.3 billion, software costs totalled N11.46 billion, and IT Infrastructure Services accounted for N11.40 billion.
Despite these rising costs, the company’s gross profit saw a remarkable 108.38 per cent increase, reaching N9.8 billion compared to N4.7 billion in the previous year.
Other income also experienced significant growth, rising by 82.96 per cent year-on-year to N237.5 million. Sundry income accounted for the majority of this amount, contributing N199.1 million.
However, administrative expenses rose by 63.11 per cent to N5.7 billion, with staff costs making up a considerable portion at N2.8 billion.
On a more positive note, the company recorded an exchange gain of N18.7 million, a recovery from the N182 million loss reported in the prior year.
Conversely, finance costs increased to N95.5 million, reflecting a 13.53 per cent rise, with interest on short-term loans reaching N52.4 million.
In contrast, finance income surged by 316.13 per cent, reaching N62.6 million, largely driven by interest earnings.
Ultimately, CWG’s pre-tax profit soared by 290.24 per cent year-on-year, reaching N4.4 billion, a significant rise from N1.1 billion in the previous year.
Total assets for the group climbed to N29.9 billion, marking a 68.09 per cent increase from the N17.8 billion recorded the prior year.
Non-current assets expanded to N1.6 billion, up from N1.1 billion, with property, plant, and equipment making up the largest share at N957.3 million.
Current assets also grew substantially, rising from N16.6 billion in the previous year to N28.3 billion, primarily driven by trade and other receivables, which accounted for N16.7 billion of the total.
