Mr Adewale Adeyipo, Group Managing Director, CWG, a Pan-African technology company, has reaffirmed the company’s commitment in ensuring global best practices in its operations.Adeyipo stated this at the Facts-Behind-the-Figures (FBF) presentation of CWG at the Nigerian Exchange Ltd. (NGX) in Lagos.
“The company has continued to build its brand as a market leader in the African IT industry by creating excellent service culture and delivering its operations through global best practices using its ISO9001 certification process across the group,” he said.
Adeyipo said that the company focuses on scaling its operations, optimising products, and collaborating with key partners to deliver innovative technology solutions.
According to him, this will assist to meet the evolving needs of its clients across various sectors, including financial services, telecommunications, and government.
Adeyipo expressed optimism that the company’s earnings would grow between N25 billion to N32 billion in the next two to three years.
“Numbers are numbers, but in reality, we have had a steady growth in terms of our revenue and in both our Profit Before and After Tax in the last five years.
“Our financial report between 2018 and 2022 indicated a continuous growth from our topline to bottom line.
“CWG’s 2023, 2024 and 2025 prospect is targeted to increase our profit year-on-year to within 40 to 50 per cent,” he said.
Adeyipo said that the company also got into new strategic partnerships in various verticals of the economy, while it would leverage its strength to achieve the figures projected.
He explained that the company had increased and improved its shareholders returns with focus on steady growth to boost the business as envisaged.
The GMD said the firm, in the last five years, had improved on its internal processes and created a backbone to deploy services in Nigeria.
“It’s a new season at CWG. We are extremely excited and hopeful that the capital market and investment community will follow the company,” he said.
According to him, the firm supports numerous banks on the core banking space, digital customers on mobile banking applications by providing mobile banking services to some banks in Nigeria.
Adeyipo said CWG, among others services, also provides Automated Teller Machines (ATMs) threshold and was happy to be listed on the floor of the Exchange which regulates all listed companies in line with prescribed standard.
In his address, Mr Temi Popoola, Chief Executive Officer (CEO), NGX, expressed delight that CWG chose to use the forum to communicate its financial performance, strategic and operational developments to the investment community.
Popoola, represented by Mr Jude Chiemeka, Divisional Head, Capital Market, NGX, noted that continous interaction with investors and the capital market ecosystem was important to ensure reasonable flow of relevant information to the market.
He said this was necessary because accurate, accessible and timely information was essential to stimulate market activities.
“On behalf of the Board and Management of NGX and the entire capital market community, I commend the Board and management of CWG Plc for leveraging this platform to increase its engagement with the capital market community.
“The Exchange encourages all issuers’ interaction with market participants via the FBF event.
“Since the incorporation of CWG on Sept. 26, 1991 and its subsequent listing on the Exchange in 2013, it has, over the years, continued to build its brand as a market leader in the African IT industry,” he said.
According to him, CWG recorded N476.8 million Profit Before Tax (PBT) in year 2022, which was an improvement from N449.6 million recorded during same period in 2021.
Popoola said the achievement was a result of the hard work and resilience displayed by the management team of the firm.
He mentioned that the company continued to strengthen its financial performance and maintain a growth trajectory in revenue by 21 per cent from N11.7 billion in 2021 to N14.2 billion in the period under review.
The CEO noted that NGX remained committed to helping issuers derive great value from their interactions with the market.
He said the Exchange does this by positioning itself as the African Exchange of choice and would continue to adopt rules aimed at improving the corporate governance of its listed firms.
Popoola stated that NGX also offer products and services that are tailored to the needs of investors in a fair and orderly market.
He charged CWG and other firms to leverage the various benefits of listing on the Exchange, including improved access to capital, increased global profile and access to liquidity.
” With the fast-changing macroeconomic environment in Nigeria and globally, we encourage CWG Plc to continue to strive for sustainability.
“This should be done by adhering to higher standards of corporate governance, deeper social impact, higher regulatory compliance, and greater returns for shareholders.
“Our market continues to be resilient in providing stakeholders with a platform to raise capital and invest.
“Year to date, NGX has facilitated needed financing of over N3.85 trillion in capital raised by governments and corporates across various asset classes.
“The market capitalisation of the NGX as at close of trading on Friday stood at N28.4 trillion with the year-to-date returns at 1.56 per cent along with an increase of 985 points or 1.92 per cent of the NGX All-share index (ASI) since the beginning of 2023,” he said.
The NGX boss harped on the continous effort of the Exchange to engage the Nigerian government on behalf of its listed corporates, on tax reforms, prioritisation of foreign exchange allocation and stakeholder engagement.
Popoola stated that the Exchange also supports its listed companies by increasing awareness around the benefits to investors and their customers on the extra confidence they can have in listed companies.
CWG is a Pan-African systems solutions company, established in 1992 to provide wide array of IT services including communicationsand integration services that supports innovation and forward-thinking Africa.
