CWG Plc, the leading provider of Information and Communication Technology solutions and services across West, Central, and Eastern Africa, has released its unaudited Q3, 2020 results with a strong performance despite the damaging impact the COVID-19 pandemic had on the global economy.
Profit after Tax at N464million grew by 1950% when compared to Q3 2019
The Q3 financial performance of CWG shows growth in all the financial metrics with revenue achievement of N8.9billion, and this represents a 35% growth compared to Q3 2019. The group reported a Profit before Tax (PBT) of N508million, and this represents a 2148% increase from Q3 2019 PBT of N22million.
Operating expenses declined by 5.89% in comparison with Q3 2019. EBITDA and EBIT stood at N703million and N536million, representing a growth of 124% and 605% respectively over the same period in 2019.
This exceptional performance was primarily driven by the platform business’s advancement, customized and consulting services, efficient management of operating costs, and superior technological offering.
Commenting on the latest financials posted by the company, the CEO of CWG Plc, 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 need. 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,” Adeyipo, added.