This was disclosed by the Group Managing Director, Adewale Adeyipo, at the Facts Behind the Figures Presentation held at the Nigerian Exchange Limited on Wednesday.
He said, “We are showing our 2023, 2024, and 2025 forecasts where we are looking at almost a 40 to 50 per cent increase year-on-year. We have seen that in our 2022 achievement. We have supported that in our 2023 Q1 report. We are hoping to close in N20bn revenue in 2023 and then grow that to N25bn and then N30bn in three years.”
In its audited financial statements for 2022, CWG reported that its revenue grew by 21 per cent to N14.2 bn and its profit after tax also rose by six per cent to N476m from N449m it recorded in 2021.
The group said that its performance in 2022 was driven by the gains of its investments in its payment platform and subscription service businesses.
The group’s unaudited report for the first quarter of 2023 showed that its revenue rose to N5.082bn compared to N2.946bn recorded in the same period in 2022. Its IT infrastructure services brought in the highest revenue in the quarter of N2.801bn followed by its Managed and Support services, which recorded N1.310bn. Its Communication and Integrated services however recorded the lowest revenue of N404,000, a significant drop from the N40.817m it generated within the same period in 2022.
The chairman of the board of directors, Phillip Obioha, added that the firm had put in place structures to achieve the forecasts, saying, “If you look at all the issues we have had in the last few years; we had the FX issue, which has been mitigated by our homegrown IPs. We are working with PwC to put in place systems and structures, all these are foundations. In fact, the numbers don’t reflect the extent of the structures. These are what you will see in the future.”
Speaking on Ghana’s debt restructuring and possible impact on its operations in the country, Adeyipo said the group was optimistic but limiting exposures.
He said, “We believe that the situation of Ghana might be around for some time. We also believe that with the way that Ghana has dealt with previous challenges like this, they will always come out stronger.
“We are very optimistic in that space but at the same time, we are hedging as a business. We are limiting our exposure not in terms of business engagements but in terms of FX vulnerability that we might be exposed to. We are watching very closely. I’m sure that a lot of firms are too.”
Meanwhile, the Chief Executive Officer of the Nigerian Exchange Limited, Temi Popoola, counseled the group to strive for improved corporate governance and returns to investors.
Popoola, who was represented by the Divisional Head, Capital Markets, Nigerian Exchange Group, Jude Chiemeka, said, “Since its listing on the exchange in 2003, CWG has continued to build its brand as a market leader in Africa’s IT market. With the fast-changing macroeconomic environment in Nigeria and globally, we encourage CWG Plc to continue to strive for sustainability by adhering to higher standards of corporate governance, deeper social impact, higher regulatory compliance, and greater returns for shareholders.”
