Computer Warehouse Group Plc (CWG), the foremost provider of Information and Communication Technology solutions and services in Nigeria, has unveiled its unaudited H1 results, showcasing an impressive Profit Before Tax (PBT) of N2.19 billion, marking a remarkable 359% year-on-year surge on the Nigerian Exchange Limited (NGX).
The company closed with a revenue of N24 billion, reflecting
a 124% increase year-on-year.
Furthermore, the Gross profit saw a significant growth of
133%, escalating from N2.0 billion in H1 2023 to N4.8 billion in FY 2024.
EBITDA also witnessed a substantial increase of 271% to N2.3
billion in H1 2024. EBIT experienced a surge of 330%, climbing from N524
million in H1 2023 to N2.2 billion in H1 2024.
Moreover, Profit before tax surged by 356% from N481 million in H1 2023 to N2.1 billion in H1 2024, while Profit after tax saw a remarkable growth of 389% from N341 million in H1 2023 to N1.6 billion in H1 2024.
The Managing Director of the company, Mr. Adewale Adeyipo,
provided insights into the financial performance, stating that the results
observed in the first half of 2024 are a direct outcome of the strategic
initiatives developed over the past two years.
He emphasized that these initiatives primarily focus on
technology services and the enhancement of the company’s intellectual
properties related to payment platforms.
Mr. Adeyipo highlighted that CWG has made a deliberate
effort to enhance its digital solutions, ensuring that value is generated and
establishing a sustainable revenue foundation for the organization.
Additionally, he elaborated on the various investments and
expansion strategies that the company has in place, which are expected to yield
even more significant results in the future.