CWG revenue hits N46.3bn

The Computer Warehouse Group Plc has recorded a 97 per cent growth in revenue, hitting N46.3bn for the financial year ended December 31, 2024, compared to N23.5bn in 2023.

The company’s profit after tax surged by 429 per cent to N3.04bn, up from N576.1m in the previous year.

According to the company’s financial statements filed on the Nigeria Exchange recently, the company’s profit before tax also rose by 290 per cent to N4.42bn in 2024, up from N1.13bn recorded in 2023. However, income tax expenses grew from N555.8m in 2023 to N1.37bn in 2024, reflecting higher tax obligations due to increased profitability.

Similarly, the company’s total liabilities increased to N23.32bn, up from N15.57bn in 2023, indicating higher financial obligations, possibly due to increased investments and operational costs.

CWG Plc reported a gross profit of N9.89bn, reflecting a 108 per cent increase from N4.75bn recorded in the prior year. The rise in profitability was despite administrative expenses climbing from N3.49bn in 2023 to N5.7bn in 2024.

Other comprehensive income for the year soared to N1.74bn, up from N296.6m in 2023, largely due to foreign translation gains. This brought the company’s total comprehensive income to N4.79bn, representing a 449 per cent increase from N872.7m in 2023.

In line with its profitability, CWG Plc declared a dividend payout of N403.9m, reaffirming its commitment to rewarding shareholders.

The PUNCH reported that CWG has unveiled its growth strategy for 2024 as it spotlighted its performance in the 2023 financial year. Its stocks recorded over 800 per cent year-to-date returns by the close of 2023 trading. It started off trading at N0.92 per unit in January and closed on the NGX at N8.30 per unit.