CWG has reported a remarkable surge in its financial performance for the first quarter of 2025, driven by a strong 83.5 percent increase in revenue and an impressive 368 percent growth in profit after tax.
For the period ending March 31, 2025, the group posted N15.32 billion in revenue, up from N8.38 billion in Q1 2024, reflecting a substantial growth trajectory.
This performance signals strong demand for CWG’s services, as the group continues to dominate in the IT solutions and infrastructure space across Nigeria and West Africa.
The company’s profit before tax for the quarter also saw a remarkable rise, reaching N2.18 billion, a more than five-fold increase from N415.9 million in Q1 2024. This significant increase highlights the group’s successful expansion strategies and operational efficiency, even as it navigates a competitive market.
The company’s profit after tax skyrocketed to N1.48 billion, compared to N316.1 million recorded in the same quarter last year, marking a 368 percent year-on-year growth. This exponential rise in profitability is attributed to improved margins, as well as strategic cost management.
The group’s gross profit also demonstrated a solid performance, increasing by 166.5 percent to N4.01 billion from N1.51 billion in Q1 2024. This sharp rise further underscores the group’s ability to efficiently manage its production costs while capitalising on rising demand for its services.
CWG’s operating expenses increased to N1.78 billion, up from N1.01 billion in Q1 2024, as the company scaled its operations to support its growing revenue base. Despite the increase, CWG’s operating profits remained strong, allowing for impressive profit growth.
On the balance sheet side, CWG Group’s total assets rose by 23.1percent, reaching N36.87 billion at the end of March 2025, compared to N29.95 billion in December 2024. The increase in assets is attributed to strategic investments aimed at expanding its service delivery capacity.
Total liabilities also grew to N29.43 billion, up from N23.32 billion in December 2024, reflecting the group’s commitment to financing its expansion through both debt and equity. However, the company’s equity remained robust, standing at N7.44 billion, up from N6.63 billion at the end of 2024.
In addition to its solid Q1 results, CWG had announced a dividend payout of 39 kobo per share to shareholders following an outstanding financial performance in 2024. The payout, declared at the company’s 20th Annual General Meeting (AGM) held in Lagos, represents more than double the 16 kobo paid in the previous financial year.
