By Taofik Salako, Deputy Group Business Editor
CWG Plc has assured that investments in innovative technologies and other strategic initiatives will ensure stable growth and returns in the years ahead.
The assurance came as the company presented its 2020 audited report and accounts to shareholders at the annual general meeting in Lagos. The audited report and accounts for the year ended December 31, 2020 showed considerable growth across key performance indicators.
Addressing the shareholders, Chairman, CWG Plc, Mr. Philip Obioha, said the group’s net revenue rose by 22 per cent to N11.7 billion while gross profit rose by 13 per cent to N2.6 billion in 2020.
He attributed the improved performance to gains from the decision taken in 2019 to re-invest in some of the group’s platforms and subscription business.
“We increased our capacity and staff enablement to provide customized development and consulting services on specific platforms and market segment. The Company also invested a lot of time and resources to our innovation Hub. We engaged skilled developers and came up with a compelling value proposition and product roadmap for most of our software applications,” Obioha said.
Managing Director, CWG Pl Mr. Adewale Adeyipo, noted that year 2020 was extraordinary and challenging in many ways as the world experienced an unusual occurrence that changed our world permanently.
He, however, noted that the company braced the odds in 2020 to deliver significant milestones despite the disruptions experienced globally.
“We achieved healthy growth across all our major businesses. Our financial results reflect robust underlying performance and leadership positions across virtually all our activities,” Adeyipo said.
He outlined that with the reduction in administrative expenses by 21 per cent, net profit jumped by 509 per cent in 2020, indicating better efficiency in 2020 despite the effect of the pandemic on the economy.
According to him, while the company recorded overall growth in revenue of 22 per cent in 2020, its better revenue achievement was growing its platform and subscription business, extending the company’s service portfolio and new partnerships.
“The group ended the year with record profitability and significant market share gains across all our operating geographies, which indicates the remarkable improvements and resilience built into each operating entities despite the impact of the pandemic on businesses across the world,” Adeyipo said.
He said the company continued to maintain its promise to champion the development of technology that enables growth in Africa.
Adeyipo said the application of globalised strategies to improve the CWG brand visibility and awareness was rewarding, noting that CWG received the Infosys Finacle’s Regional Alliance FY20 award for the Middle East and Africa.
He said to further reinforce the group’s local capacity at the Nigerian Technology Awards, CWG was recognised as the Software Provider of the year, Excellent in cloud infrastructure Development, Tech Service and Support company of 2020.
He assured that the company remains focused on being trans-generational and evolving with emerging global trends that foster Africa’s growth at large.
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