CWG Plc, an African multinational technology systems solutions company, more than doubled its profit for the nine months ended September 2025, driven by the strong momentum in its core business segments.
The ICT solutions provider reported a 108 percent year-on-year rise in profit after tax to N4.75 billion, up from N2.28 billion in the corresponding period of 2024. Revenue grew 41 percent to N48.94 billion, up from N34.79 billion a year earlier, reflecting stronger demand for cloud services, digital infrastructure, and managed IT solutions amid Nigeria’s accelerating enterprise digitisation.
Cost of sales rose 32 percent to N36.78 billion, slower than topline growth, which lifted gross profit by 73 percent to N12.15 billion from N7.04 billion.
Other income surged to N429.3 million from N153.4 million, while operating expenses increased to N5.92 billion from N3.90 billion, reflecting inflationary pressures and higher staff-related costs. Even so, CWG maintained efficiency gains, with earnings before interest, tax, depreciation, and amortisation (EBITDA) rising to N6.66 billion, up from N3.30 billion in 2024.
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Profit before tax stood at N6.25 billion, nearly double the N3 billion reported a year earlier. After accounting for a N1.50 billion tax charge, net profit settled at N4.75 billion, its strongest nine-month performance in at least five years.
On the balance sheet, total assets rose 61 percent to N48.36 billion from N29.95 billion at the end of December 2024, driven by higher inventories and receivables linked to ongoing technology projects. Shareholders’ funds advanced to N8.25 billion, compared to N6.63 billion previously, supported by a 110 percent jump in retained earnings to N7.20 billion.
Net cash from operating activities climbed to N5.30 billion from N2.64 billion, driven by the strong profit performance and higher payables, partly offset by working capital outflows from receivables and inventory buildup.
The company invested N670.7 million in fixed assets and software, signaling continuous reinvestment in technology infrastructure.
Meanwhile, CWG used N2.23 billion in financing activities, mainly for dividend payments and debt servicing. Consequently, it ended the period with N6.10 billion in cash, compared with N5.18 billion a year earlier, despite a N2.14 billion foreign exchange loss booked in other comprehensive income.