CWG Plc has reported a pre-tax profit of N2.1 billion in its recently published financial statements for the first quarter ended 31 March 2025.
This represents a 423.64% increase compared to the pre-tax profit of N415.9 million recorded in the same period of the previous year, driven by significant revenue growth.
The group reported first-quarter revenue from contracts with customers of N15.3 billion, reflecting an 82.81% increase from N8.3 billion in the prior year.
- IT infrastructure services accounted for the largest share of revenue, contributing N6.2 billion.
- Software revenue followed closely with N4.418 billion, while ‘managed and support services’ contributed N4.415 billion. Other revenue sources accounted for the remainder.
The company’s cost of sales increased to N11.3 billion, a 64.53% rise from N6.8 billion in Q1 2024.
- Despite this increase, gross profit rose to N4.01 billion, reflecting a 166.23% year-over-year increase.
Operating expenses also grew to N1.7 billion, up 76.56% from N1 billion in the previous year.
- However, operating profit, measured by EBIT, increased to N2.2 billion, a 402.18% rise from N439.6 million in the same quarter of 2024.
On the balance sheet, CWG reported total assets of N36.8 billion, a 23.12% increase from N29.9 billion. Retained earnings also grew to N4.9 billion, up 43.05% from the previous year.
Key Highlights:
- Revenue: N15.3 billion, +82.81% YoY
- Cost of Sales: N11.3 billion, +64.53% YoY
- Gross Profit: N4.01 billion, +166.23% YoY
- Operating Expenses: N1.7 billion, +76.56% YoY
- EBIT: N2.2 billion, +402.18% YoY
- Pre-tax Profit: N2.1 billion, +423.64% YoY
- Retained Earnings: N4.9 billion, +43.05% YoY
As of the trading day ended 2 April 2025, shares of CWG were priced at N10.15, reflecting a year-to-date performance of +31.81% on the Nigerian stock market.