CWG Plc will consider financially viable investment options as part of measures to leverage significant investments needed to foster the growth of the technology company.
At the Annual General Meeting (AGM) in Lagos, the board and management of the company assured shareholders that investments in cutting-edge technologies and know-how have laid strong foundation for sustained growth in the years ahead.
Shareholders at the meeting approved a dividend per share of 4 kobo while commending the board and management of CWG for improving the company’s fortunes, despite the challenges.
The audited report and accounts for the year ended December 31, 2022 showed that the CWG recorded 21.3 per cent growth in total turnover from N11.709 billion in 2021 to N14.207 billion in 2022. Gross profit rose by 31.4 per cent to N3.83 billion in 2022 as against N2.91 billion in 2021.
Profit before tax increased by 20.3 per cent from N616.425 million to N741.385 million. Profit after taxes improved from N449.64 million to N476.80 million. Earnings per share thus increased from 18 kobo to 19 kobo. The group’s total assets rose by 58.4 per cent from N9.17 billion in 2021 to N14.53 billion in 2022.
Addressing the shareholders, Chairman, CWG Plc, Mr. Philip Obioha, said the group recorded remarkable performance in 2022 as it consolidated the gains of its investments in its payment platform and subscription service businesses.
He outlined that the group made significant strides in its businesses in the past year, including onboarding four new banks on its Finedge Core banking application platform on a subscription service basis while also driving its “infrastructure as a service” business with the addition of new customers to its subscribers’ list.
He said the company has continued to make significant investments in its Datacentre offerings to provide the required infrastructure needed to support its platform business, adding that the group has also been making giant strides in its energy metering business as it achieved a 600 per cent revenue growth when compared to the previous year. “Within the year, our company established a new fintech organisation named Fifthlab. Fifthlab has an ecosystem of advanced but simple solutions focusing on delivering innovative products and platforms in payments and banking to address the identified gaps,’’ he added.
He also spoke about the new Dubai entity, part of the group’s expansion plan that offers entry into a growing market with a supportive environment for innovation and development. “We are confident that the investments and efforts put into the new organisation/businesses will yield significant returns starting from the 2023 financial year,” Obioha said.
He assured shareholders that with the resumption of dividend payments, the board and management of the group would work to ensure unbroken dividend payments annually. “The board is committed to working with management in deploying the group’s assets judiciously and profitably to maximize shareholders’ return,” Obioha said.
Group Chief Executive Officer, CWG Plc, Mr. Adewale Adeyipo, said the group’s performance in 2022 demonstrated its business strength and enthusiasm for achieving success.
He noted that key performance indices reached five-year highs in 2022, which underlined the group’s commitment to doing the right things at the right time for its business and customers, which helped foster growth across its regional centers .”We have stepped up our ability to innovate, adapt to new ways of doing business, renewed and repurposed our commitment to service excellence as well as listening to our customers to provide customized superior value to them,” Adeyipo said.
According to him, the group achieved 99 percent of its 2022 strategic objectives focusing on product optimization, service excellence, and business operation. He pointed out that CWG has proven its dexterity in unlocking success for new ideas, consistently driving up its bottom line, and sustaining value for stakeholders through investments in its flagship products and services. He outlined that the group recognizes that achieving its goals requires significant investments, so it is committed to exploring financially viable investment options in 2023.
He added that the group is also embarking on several commercialization and financing strategies to bring its technology and products from concept to market. He noted that at the heart of the company’s strategy lies a commitment to its people, its expertise at scaling opportunities, increasing revenue, and operational efficiency while effectively minimizing costs. “We are excited about the possibilities that the future holds, and we remain steadfast in our mission to leverage technology to drive sustainable development in Africa and beyond. “We are confident these efforts will yield significant returns to our investors and stakeholders,” Adeyipo said.
He pointed out that the company has started the new business year positively, assuring shareholders that it would build on its successes and pursue new opportunities for growth and innovation.