Foremost Tech Firm CWG Plc Records Major Growth in 2018 Financial Year with a 24% Drop in Loss After Tax
CWG Plc has announced that its loss after tax declined from N1.5 billion in 2017 to N1.1 billion in 2018.
This means that Nigeria’s largest Systems Integration Company, CWG Plc achieved an improvement in its 2018 financial year, cutting its loss after tax by 24 percent.
The company disclosed this recently at the 2018 Annual Shareholders general meeting and report presentation in Lagos.
The current financial result also showed a 95 percent decline in inventory from N1.3 billion to N1.6 billion, which indicates the Group’s efficiency in converting inventory into revenue. Also, the closing inventory balance consists of work in progress of N1.3 billion and stock of N0.3 billion, which will both be converted to revenue and used to support service contracts in 2019.
Meanwhile, trade and other receivables stood at N7.2 billion, while HT receivables stood at N5 billion. The trade receivables consist of invoices raised for projects, services completed in 2018 and foreign exchange variation claims.
Speaking to the shareholders, the Chairman of CWG Plc, Mr Philip Obioha, noted that the decline is a reflection of the company’s renewed efficiency and direction. He assured shareholders that the 2019 financial year will be different in terms of growth.
Elaborating on this, Mr Obioha confirmed CWG recently qualified as a Meter Service Provider and has received approval from the Nigerian Electricity Regulatory Commission (NERC) to serve as the Meter Asset Provider for Ibadan Electricity Distribution Company.
To this regard, we presently have a minimum delivery of 100, 000 meters, which is estimated will grow to about 300, 000 meters over the next two years.Chairman of CWG Plc, Mr Philip Obioha.
For ATM as a service, he said CWG has a contract to own and manage high volumes of about 700 ATMs deployed for a number of financial institutions across West Africa.
If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.
Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.