Nigerian integrated ICT solutions provider, CWG Plc has reported N1.48 billion profit after tax during the first quarter of 2025, representing a 369 per cent increase from the N316.1 million of Q1 2024. The remarkable surge in the company’s financial performance also showed an 83.5 per cent rise in revenue to N15.32 billion from N8.38 billion in Q1 2024.
The Computer Warehouse Group’s financial performance for the quarter ending March 31, 2025, signals strong demand for the group’s services while it continues to dominate in the IT solutions and infrastructure space across Nigeria and West Africa. The report also highlights the successful execution of its expansion strategies and operational efficiency.
“This growth reflects the resilience, dedication, and forward-thinking approach that has powered us through the first quarter of the year. But, more importantly, it speaks to how our strategic partnerships, customer-first mindset, and innovative solutions are helping us achieve not just financial success, but tangible value for you,” the company said.
While the huge rise in profitability was attributed to improved margins and strategic cost management, the company’s profit before tax for the quarter also saw a remarkable rise, reaching N2.18 billion, representing over 500 per cent increase from N415.9 million in Q1 2024.
Similar Read: CWG Plc reports 290% pre-tax profit increase in 2024, offers 39 kobo dividend.
Also, CWG reported that its gross profit increased by 166.5 per cent to N4.01 billion, up from N1.51 billion in Q1 2024. Its operating expenses also increased to N1.78 billion, up from N1.01 billion in Q1 2024, as the company scaled its operations to support its growing revenue. Amid the increase, CWG’s operating profits make a bold statement.
“Our Q1 2025 performance isn’t just a reflection of numbers—it’s proof of the trust you’ve placed in us, the collaborative spirit we share, and the strides we are making in advancing the African tech ecosystem,” it said to stakeholders.
In its balance sheet, the Group’s total assets rose by 23.1 per cent, from N29.95 billion in FY’24 to N36.87 billion at the end of March 2025, attributed to strategic investments aimed at expanding its service delivery capacity. Total liabilities also spiked to N29.43 billion, up from N23.32 billion in December 2024. In addition, the company’s equity remained robust, standing at N7.44 billion, up from N6.63 billion at the end of 2024.
CWG is listed on the Nigerian Exchange Limited (NGX) with its operations expanding across Ghana, Cameroon, Uganda, and the UAE.
CWG’s Q1 2025 result built on FY’24
In a reflection of prior outstanding performance for the full year (FY) 2024 ending December 31, 2024, CWG announced a dividend payout of 39 kobo per share to shareholders. The payout, declared at the company’s 20th Annual General Meeting (AGM) held in Lagos, represents more than double the 16 kobo paid in the previous financial year.
During the period, its pre-tax profit jumped to N4.4 billion from the N1.1 billion that it posted in 2023, signalling a 290.24 per cent rise, and reported full-year revenue of N46.3 billion, representing a 97 per cent year-on-year jump.
The group captured an improved asset base as total assets increased from N17.8 billion to N29.9 billion in 2023. This was fueled by the rise in non-current assets at N1.6 billion, and current assets, which rose to N28.3 billion, largely owing to heightened trade and other receivables. Retained earnings also soared by 330.55 per cent to N3.4 billion.
As the Q1 2025 results were built on existing performance in the financial books, the company looks to bank on this result. The company expressed its plans to uplift its ICT innovative moves and introduce more transformative solutions designed for the next frontier generation of business.
The group pointed out that while challenges might evolve during future explorations, banking on opportunities and more collaborations will be the strategy to manoeuvre the waves and produce world-class technology.
“We are incredibly excited about what lies ahead. With new solutions, innovative offerings, and even greater opportunities for collaboration, we remain focused on delivering the best-in-class technology that empowers your growth,” it said.
Technext Newsletter
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!
