CWG PLC Grows Revenue To N11.71bn In 2021
CWG PLC 17th AGM June 22, 2022: L-R – Wale Agbeyangi (Non-Executive Director); Abiodun Fawunmi (Non-Executive Director); Adewale Adeyipo (Group Managing Director/Chief Executive Officer); Philip Obioha (Chairmen, Board of Director); Afolabi Sobande (Executive Director); Dr Olusegun Oso (i (Non-Executive Director)); and Anne Agbo (Company Secretary) at the Annual General Meeting (AGM).
CWG PLC has continued to make significant strides in its chosen business lines as evidenced in its 2021 performance.
The company closed the year 2021 with revenue of N11.17 billion, a gross profit growth of N2.9 billion or 10.5 per cent higher than N2.6 billion recorded in 2020, profit before tax of N616 million up by 12.6 per cent year on year.
The Group’s Earnings before interest, taxes and amortization (EBITA) grew by 1.8 per cent from N644 million in 2020 to N655 million in 2021, and profit after tax rose by 1.5 per cent from N443 million in 2020 to N449 in 2021.
These were contained in the statement presented by the CWG Board Chairman, Mr. Philip Obioha to the company shareholders at its 17th Annual General Meeting (AGM) held in Lagos recently.
He said the financial performance in 2021 was borne out of the various strategic initiatives, growth and expansion of the group’s products in payment systems and platforms.
According to him, the group performed creditably in the year as evidenced by the key financial metrics. This exceptional performance was largely driven by the well diversified revenue base, efficient management of operating cost and superior technological offering to its customers.
The Chairman expressed confident that “the company is on the right path having taken the steps that would ensure a brighter and more sustainable and profitable future for her stakeholders.”
He said within the period under review, the company launched its ‘As a Service’ business model across its business verticals.
Obioha said the company also provided infrastructure as a service and backup as a service to many of its customers which he said “has enabled us to shift the customers mindset from the traditional model of infrastructure ownership to a model that revolves around providing those infrastructure on a non-ownership basis.”
He said the business model has enhanced the company’s revenue base thus creating a sustainable recurrent income for the Group.
Within the period under review, he said the company went into partnership with the Federal Government and the Distribution Companies to supply and install meters for electricity consumers within the South -West geographical area of the country under the Federal Government mass metering programme.
Obioha informed the audience that the company is also in partnership with some estates in Lagos to deploy Smart meters with Smart Utility application to residents.
He said the company plan is to ensure that the assembly plant operate at 80 per cent capacity utilization.
In his statement, the Managing Director and Chief Executive Officer, Adewale Adeyipo said the future of the company is bright as reflected in its performance in 2021.
According to him, we are sustainably growing our business so that we may continue to add enormous value to society while also delivering the values that you, our shareholders, expect.
He said the company is digitally reinventing to serve the clients’ ever-changing information technology needs.
The company’s products, he said, has continued to performed creditably well in the market, witnessing ‘’significant advancements and new partnership.’’
“Our Smart Utility Solutions outperformed our three years’ achievements with over 10,000 smart meters developed, deployed, and installed. We also enhanced the features of Energy Audit and Revenue Management.
“Our bill presentation and payment platform also recorded substantial growth. In 2021, the product was intelligently modularized to cater to Bills Payment, Lifestyle, Airtime, and Vending,’ the CEO added.
He said the company recorded some significant milestones on its Enterprise Resource Platform (SMERP), built purposely for the SMEs in collaboration with some financial institutions and government agencies with enhanced features like the mobile point of sale, online real time access and reporting, and automatic order management for targeted market campaigns.
The CEO said the company has achieved a 20 per cent year on year growth for three years – 2019-2021, adding that the company is well positioned with leading-edge products in today’s market for enhanced growth.
He said the company is ‘’looking forward to shaping a better future that will benefit all shareholders, customers, partners, employees, and the communities in which we work and live.’’
