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CWG grows profit to N437m in 2020

Naijamedialog February 09, 2021 0

Nigeria’s leading Information and Communication Technology solutions and service provider, CWG Plc, has recorded a Profit After Tax (PAT) of N487 million in its 2020 result. This represents an increase of 570 per cent when compared to N72.7 million posted in the previous year in 2019.

This is according to the company’s recent financial statement made available on the Nigerian Stock Exchange.

In its unaudited financial statement for the period ended December 31, 2020, the largest system integration company in Nigeria, also recorded a revenue of N11.8 billion and gross profit of N2.6 billion, representing an increase of 23.4 percent and 13.9 percent Year-on-Year (Y/Y) respectively.

READ ALSO: CWG Plc empowers Small Businesses in Nigeria with SME solution

Other key highlights of the 2020 financial statement show decline in operating expenses by 24.4 percent to N1.8 billion. The company’s EBITDA, EBIT and PBT stood at N888 million, N636 million and N546 million, respectively.

Though, no official statement has been issued by CWG Plc with regards to 2020 audited financial results, the growth in revenue is connected to the company’s resilience amid the Covid-19 pandemic, where it continued to churn out innovative solutions and invest in rewarding partnerships.

Vanguard News Nigeria

The post CWG grows profit to N437m in 2020 appeared first on Vanguard News.