Wednesday, July 01, 2020

CWG 5th AGM: Financial year ends with N9.56Bn net revenue - ITREALMS

The fifth Annual General Meeting (AGM) of the CWG Plc 
ended in Lagos with a record net revenue of N9.56 billion for the financial year ended 2019, reports ITREALMS.

The 2019 AGM which held on the 25th June 2020, saw the company declaring net revenue of N9.56Billion, representing a 23 per cent increase from 2018 gross profit growth rate of 25 per cent.

The 2019 AGM was held online by the largest system integration company in Nigeria, owing to the Covid-19 pandemic ravaging the world, which has forced many organizations to constitute a remote-working policy.

Reading the summary of the 2019 financial year report which ended in December 2019 to shareholders, the Chairman of CWG Plc, Mr. Phillip Obioha, noted that the value-added revenue and gross profit were due to the re-introduction of some valuable IT services and an increase in customized service businesses.

“In 2019, revenue and total profit growth were as a result of the renewed partnership with our strategic partners. OPEX was reduced by 23 percent, 2019 over 2018, due to different optimization exercises that were carried out in the year. We also closed 2019 with a positive EBITDA of N892m and PBT of N634m. Right now, we are charting a course of a new organization that would be around for the next 50 years,” he told the shareholders.

While assuring the shareholders that CWG Plc will continue to innovate and create cutting-edge technology and services that will be relevant today and fit for the future, Mr. Obioha stated that CWG is well-positioned and equipped to redefine innovation that provides solutions to the technologically-based institution gaps that are seen in potentially viable and critical sectors of the Nigerian economy and Sub-Saharan Africa.

Meanwhile, the Chief Executive Officer of CWG Plc, Mr. Adewale Adeyipo, has attributed the performance in the 2019 financial year to what he described as the ‘five pillars’ strategy the company adopted two years ago. The five pillars, according to him are Growth, Profit, Liquidity, Brands and Dividend.

He disclosed that strict adherent to the five pillars has helped CWG to deliver on its mandate to enable the growth of its clients.

“That is the level of focus we have delivered with the five pillars we created. If you also want to go to some certain deliverables; then we can begin to talk of our BillnPay platform presentment platform, which is an app of CWG 2.0. On BillnPay last year, we recorded a transaction volume of over N12 billion, which is a major chunk of over 3000 percent of what we had in 2018, 2017 and 2016 combined. So, I can tell you that the underlining principles that have kept us focused are these five pillars,” he said.

He added that these pillars have created an essential guide on what CWG Plc does and how to do it, explaining that CWG evaluates every decision and determine what will be the contribution of the decision on any of these pillars.

“These pillars have enabled us to create some focus and clarity. It has given us insights on what we need to take seriously and what we need to stop doing. With these pillars, we measure the success or otherwise of our company,” he further stated.

Nenye Dom/Editor

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Pix: L+R Adewale Adeyipo - CEO, CWG Plc, Philip Obioha - Chairman Board of Directors, CWG Plc and Tosin Kembi representing DCSL corporate services limited, Company Secretary in the just concluded CWG Plc 2019 Annual General Meeting.

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