Corporate Updates
CWG PLC achieves remarkable 66% revenue growth in FY 2023
CWG PLC (formerly known as Computer Warehouse Group), a leading provider of integrated IT solutions in the Middle East and Africa, is pleased to announce its financial results for the fiscal year ending December 31, 2023.
The company reported robust revenue growth, solid profitability, and continued resilience in the face of challenging global and regional economic conditions.
Key Financial Highlights
CWG achieved a significant milestone with total revenue reaching N23.5 billion for FY 2023, representing a remarkable 66% increase year-over-year from N14.2 billion in 2022. This substantial growth underscores the company’s strong market position and its ability to capitalize on emerging opportunities.
Gross profit for FY 2023 increased by 24% to N4.7 billion compared to N3.8 billion in 2022. This growth reflects CWG PLC’s focus on operational efficiency, cost optimization, and value creation across its diverse portfolio of products and services.
Despite the challenging operating environment, CWG PLC effectively managed its operating expenses (OPEX) in FY 2023. Total OPEX for the year was N3.44 billion, representing a modest increase of 22% compared to N2.82 billion in the previous year.
CWG delivered strong profitability in FY 2023, with Profit Before Tax (PBT) reaching N1.1 billion, a notable 53% increase from N741 million recorded in 2022. This impressive performance underscores the company’s financial resilience and strategic execution.
Regional Performance
CWG Plc’s operations in Ghana experienced a 61% increase in revenue in 2023 compared to the previous year. Proactive engagement and value-creation initiatives contributed to revenue growth, particularly in the public sector, amidst economic instability.
Revenue from CWG PLC’s Uganda operations grew by 30% in FY 2023, driven by enhanced market engagement and technical resource training. Strategic initiatives and partnerships facilitated revenue growth across major sectors, including the oil and gas industry.
Mr. Philip Obioha, Chairman of the Board of Directors at CWG Plc, expressed his thoughts on the remarkable revenue growth achieved in FY 2023. He stated, “The substantial increase in revenue is a testament to CWG’s resilience and strategic focus amidst challenging economic conditions. As Chairman, I am proud of our team’s dedication and commitment to driving growth and delivering value to our stakeholders. This achievement reinforces our confidence in CWG’s ability to navigate complexities and seize opportunities for sustainable development.”
Mr. Adewale Adeyipo, Group Chief Executive Officer of CWG Plc, commented, “We are delighted to report strong financial results for FY 2023, which reflect the resilience and determination of our team amidst challenging economic conditions. Our robust revenue growth, improved profitability, and strategic investments position us well for future growth and expansion. We remain committed to delivering value to our shareholders, customers, and stakeholders as we continue to leverage technology to drive innovation and transformation across Africa.”
About CWG:
CWG Plc (formerly known as Computer Warehouse Group), a leading provider of integrated IT solutions in the Middle East and Africa, is committed to delivering innovative technology solutions that empower businesses and drive progress across the continent. With a focus on excellence, resilience, and partnership, CWG Plc continues to shape the future of technology in Africa.
