CWG Plc’s 2025 earnings performance was shaped less by strategic shifts and more by execution at scale. The company’s unaudited financial statements for the year ended December 31, 2025, show how higher volumes across core business lines, combined with long-standing enterprise partnerships, translated into stronger profitability.
Group revenue increased to N65.66 billion from N46.35 billion in 2024, reflecting higher activity in IT infrastructure services, managed and support services, and software revenue. These segments form the core of CWG’s enterprise-facing operations across Nigeria and other African markets.
As volumes expanded, costs rose more slowly. Gross profit increased to N16.11 billion from N9.89 billion a year earlier, indicating improved efficiency in service delivery and project execution. This margin expansion points to the early effects of scale, with fixed costs spread over a larger revenue base.
The impact was evident at the bottom line. Profit after tax rose to N5.61 billion from N3.04 billion in the prior year, as operating leverage improved. While operating expenses increased in absolute terms, the pace of growth lagged revenue, supporting earnings expansion.
According to management, the results reflect years of deliberate execution rather than short-term acceleration. Commenting on the performance, Adewale Adeyipo, CWG’s CEO, said the company had focused on building a business capable of scaling responsibly. “Our full-year 2025 performance reflects years of deliberate strategy and focused execution,” Adeyipo said. “We have built a business that scales responsibly, anchored on strong client partnerships and recurring revenue models that continue to create long-term value.”
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Those partnerships provide important context for the earnings outcome. Over the past decade, CWG has worked with United Bank for Africa and VeriCash on technology platforms supporting UBA’s digital operations across Africa. The collaboration underpins the UBA Mobile App, which operates in more than 20 countries and has recorded over 10 million downloads.
A dedicated Centre of Excellence jointly established by VeriCash and CWG supports platform reliability, scalability, and continuous service delivery across UBA’s markets. These long-term engagements provide predictable workloads and recurring service revenue, contributing to scale benefits reflected in the 2025 results.
The financials also show the balance-sheet effects of growth. Trade and other receivables rose to N23.94 billion from N16.80 billion, while inventories and work-in-progress increased to N8.17 billion, more than double the prior year’s level. These movements indicate that higher capital is tied up in ongoing projects and that collections are being delayed.
As a result, operating cash flow did not keep pace with profit. Cash and cash equivalents declined to N5.21 billion from N6.04 billion at the end of 2024. To support working-capital requirements, short-term borrowings increased to N4.58 billion from N2.01 billion.
Despite the pressure on liquidity, profitability strengthened the company’s capital position. Total equity rose to N10.04 billion from N6.63 billion, driven by retained earnings, while CWG paid N984.68 million in dividends during the year.
Total assets expanded to N40.62 billion from N29.95 billion, reflecting higher receivables, inventory, and investments in property, plant, and equipment required to support operations across Nigeria, Ghana, Uganda, and Cameroon.
Overall, CWG’s 2025 results explain how earnings growth was achieved: through higher volumes across core services, operating leverage from scale, and long-term partnerships that support recurring revenue. The next phase of performance will depend on how effectively that earnings growth is converted into cash as activity continues to expand.
