CWG Plc, a Pan-African Information and Communications Technology Company has assured its shareholders of improved performance and solid growth to be recorded in the years ahead.
Speaking at the company’s Annual General Meeting in Lagos, the Chief Executive Officer, Mr. Adewale Adeyipo stated that with the services and operational performance the company is driving, he is confident of improve performance especially with its leading-cutting edge products in the market. “We expect solid growth to be recorded in the years ahead. With the launch of our future initiative. We are more intensely focused than ever on driving performance to new levels, we aim to elevate our financial performance and we will”, he said.
Fielding questions from journalists on dividend, Adeyipo said payment of dividend is important to the company just as it is to the shareholders.
He added, every investor requires return on investment and “It is our responsibility to do so. We are working seriously towards it and I assure our shareholders of return on their investment soon. We have that in our plan”.
On the company’s financial performance, Mr. Phillip Obioha, Chairman, CWG, said the group ended with a net revenue of N11.7b in 2020, which is 22% higher than the prior year’s income, and a gross profit (N2.6b) which is 13% over 2019 (N2.3b) figures.
The improved revenue and gross profit were due to the gains from the decision we took in 2019 to re-invest in some of our platforms and subscription business. “We increased our capacity and staff enablement to provide customized development and consulting services on specific platforms and market segments. The company also invested a lot of time and resources to our Innovation Hub. We engaged skilled developers and came up with a compelling value proposition andproduct roadmap for most of our Software Applications.”