CWG reports N463.5m profit in nine months

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CWG Plc has reported N463.5million profit in nine months ended September 30, 2020.

The N463.5 million profit recorded by CWG was driven by 604.8 per cent increase in Earnings Before Interest and Taxes (EBIT) for the period ended September 2020.

According to its latest financials sent to the Nigerian Stock Exchange market, profit for the period increased to N463.5 million as of September 2020, from N22.6million recorded in the corresponding period last year, indicating an increase of 1,950.8 per cent YoY.

The company’s pre-tax profit increased to N508.09 million, indicating a gain of +2,148.09 per cent YoY.

Cost of sales increased to N6.76 billion, indicating an increase of +41.41 per cent YoY. Operating Expenses decreased to N1.47 billion, indicating a decrease of -5.9 per cent YoY.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased to N703.21 million, up by +124.02 per cent YoY.

Commenting on the latest financials posted by the company, the CEO of CWG, Adewale Adeyipo said, “The appreciable financial performance this year, despite the negative impact of the global pandemic was borne out of the strategic business focus to diversify its revenue base, hence, creating a sustainable path for the company to thrive in challenging times.

“In recent times, we have intentionally focused on upscaling our digital solutions to meet the customer’s needs. We have consistently introduced new and innovative products and solutions, ranging from utility products to payment solutions.

“This year, we committed much time optimizing our existing platforms, responding to the market demands while creating sustainable business processes and investing in our human capital asset.”