Lagos – Nigerian IT services group CWG Plc posted a full-year profit of ₦3.04 billion for 2024, a more than fivefold increase from the previous year, as revenue nearly doubled to ₦46.35 billion amid accelerating demand for digital infrastructure across West and Central Africa.
The Lagos-based company, formerly Computer Warehouse Group, saw strong growth across its regional subsidiaries and core services in IT infrastructure, managed support, and cloud solutions. Revenue rose 97% from ₦23.53 billion in 2023, while profit before tax surged to ₦4.42 billion, up from ₦1.13 billion the previous year.
“This performance reflects the successful execution of our regional expansion strategy and sustained demand for enterprise technology across our markets,” said CEO Adewale Adeyipo. “We’ve continued to build capabilities that align with the evolving needs of both public and private sector clients.”
Revenue and Profit Growth
CWG’s net profit margin improved significantly to 6.6%, and the company declared a dividend of 39 kobo per share—more than double the 16 kobo paid out in 2023. Cash and cash equivalents rose sharply to ₦5.84 billion, from ₦1.45 billion the year before.
Gross profit rose to ₦9.89 billion, while administrative costs grew more moderately at ₦5.7 billion. Foreign exchange gains, alongside a ₦1.74 billion boost from translating earnings of foreign subsidiaries, helped drive overall comprehensive income to ₦4.79 billion.
The group’s operations span Ghana, Cameroon, Uganda, and the UAE, with subsidiaries in each market contributing to top-line growth. Its regional expansion, bolstered by infrastructure and cloud contracts, helped diversify earnings amid domestic currency volatility.
CWG also maintained a conservative financing position. Despite raising over ₦12 billion in new loans, the group repaid similar amounts within the same year, indicating prudent liquidity and debt management.
The board reaffirmed its commitment to corporate governance and transparency, with oversight exercised through independent audit, risk, and remuneration committees. PwC serves as the group’s internal auditor, while PKF Professional Services provided external audit support for the year.
“CWG is becoming a reference point for how indigenous tech firms can scale profitably across Africa,” said an analyst at a Lagos-based investment bank. “They’re moving beyond hardware into value-added services and positioning for regional leadership.”
The company’s shares are listed on the Nigerian Exchange (NGX), and its top shareholders include Chairman Philip Obioha, founder Austin Okere, and CEO Adeyipo.
