By Taofik Salako, Deputy Group Enterprise Editor
CWG Plc is engaged on a significant long-term progress and improvement plan that may see the system integration firm persevering with as a number one operator over the subsequent 5 a long time.
On the Annual Basic Assembly held by digital attendance by means of proxies, the corporate reviewed enhancements in its operations and reassured shareholders on sustainability of its progress.
Chairman, CWG Plc, Mr. Phillip Obioha, mentioned the corporate has been positioned to proceed to innovate and create cutting-edge expertise and companies that might be related now and sooner or later.
In line with him, CWG is well-positioned and outfitted to redefine innovation that gives options to the technologically-based establishment gaps which are seen in probably viable and demanding sectors of the Nigerian economic system and Sub-Saharan Africa.
“In 2019, income and complete revenue progress had been because of the renewed partnership with our strategic companions. Working expense was lowered by 23 per cent, 2019 over 2018, resulting from totally different optimisation workouts that had been carried out within the 12 months.
We additionally closed 2019 with a constructive earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) of N892 million and revenue earlier than tax of N634 million.
Proper now, we’re charting a course of a brand new organisation that may be round for the subsequent 50 years,” Obioha mentioned.
Key extracts of the audited report and accounts of CWG for the 12 months ended December 31, 2019 confirmed that the corporate’s gross income elevated by 23.four per cent to N9.6 billion in 2019 as in opposition to N7.eight billion in 2018.
The corporate recorded a constructive earnings earlier than curiosity, tax, depreciation and armotisation (EBITDA) of N892 million. Revenue earlier than tax stood at N634 million whereas revenue after tax closed at N73 million.
The expansion in income and revenue was achieved with a discount of 23 per cent in working bills. In the meantime, web belongings grew by 67.four per cent to N192 million as in opposition to N115 million.
Obioha identified that the value-added income and gross revenue had been as a result of re-introduction of some priceless info and expertise companies and a rise in customised service companies.
Chief Govt Officer, CWG Plc, Mr. Adewale Adeyipo additionally attributed the efficiency within the 2019 monetary 12 months to the beneficial properties of the corporate’s ‘5 pillars’ technique, which was adopted two years in the past. The 5 pillars included progress, revenue, liquidity, manufacturers and dividend.
He disclosed that strict adherence to the 5 pillars has helped CWG to ship on its mandate to allow the expansion of its purchasers.
“That’s the stage of focus we’ve delivered with the 5 pillars we created. In the event you additionally wish to go to some sure deliverables; then we are able to start to speak of our BillnPay platform presentment platform, which is an app of CWG 2.0.
On BillnPay final 12 months, we recorded a transaction quantity of over N12 billion, which is a significant chunk of over 3000 per cent of what we had in 2018, 2017 and 2016 mixed.
So, I can let you know that the underlining rules which have saved us targeted are these 5 pillars,” Adeyipo mentioned.
He added that these pillars have created a necessary information on what CWG does and how you can do it, explaining that CWG evaluates each choice and decide what would be the contribution of the choice on any of those pillars.
“These pillars have enabled us to create some focus and readability. It has given us insights on what we have to take significantly and what we have to cease doing. With these pillars, we measure the success or in any other case of our firm,” Adeyipo mentioned.