CWG declares 39 Kobo dividend as revenue soars by 428% in 2024 

The payout, declared on the firm’s twentieth Annual Normal Assembly (AGM) held on Thursday in Lagos, represents greater than double the 16 kobo paid within the earlier monetary 12 months.

Shareholders recommended the know-how agency for its constant progress and expressed optimism for even higher returns in subsequent years.

The corporate’s income surged by 97 %, rising from N23.53 billion in 2023 to N46.35 billion in 2024. Revenue after tax noticed a dramatic improve of 428 %, climbing from N576.08 million to N3.04 billion. The exceptional efficiency was attributed to strategic investments, operational effectivity, and elevated income from regional subsidiaries.

CWG Ghana and CWG Uganda performed a vital position within the group’s efficiency. CWG Ghana generated N8.44 billion in income, marking a 104.37 % improve, whereas CWG Uganda posted a 106.79 % progress with income of N7.34 billion in 2024.

Chairman of the Board, Mazi Philip Obioha, who addressed shareholders on the AGM, acknowledged the robust macroeconomic setting in Nigeria and globally, however credited the corporate’s resilience and innovation for its distinctive progress.

“Regardless of challenges akin to inflation and forex fluctuations, CWG demonstrated resilience, pushed by our versatile enterprise mannequin, strategic investments, and the dedication of our workers,” Obioha mentioned. He additionally famous that CWG’s recognition throughout the tech ecosystem, together with awards from Infosys and the Nigeria Expertise Awards, underscored the corporate’s trade management.

The chairman supplied a complete overview of the worldwide and Nigerian economies in 2024, describing it as a 12 months marked by inflationary pressures, alternate price volatility, and financial constraints. Nevertheless, he expressed optimism for 2025, citing anticipated progress and stability in each native and worldwide markets.

CWG’s Group Managing Director and CEO, Mr. Adewale Adeyipo, additionally addressed shareholders and the press, attributing the corporate’s stellar efficiency to its fintech subsidiary, Fifthlab, and enlargement efforts in East Africa and the Center East.

“It has been a exceptional 12 months for CWG, not simply in numbers however within the basis we’ve laid. We’re constructing a platform that can propel us to develop into the form of group we envision over the following two years,” Adeyipo mentioned.

He famous that CWG’s positioning within the tech house enabled it to thrive regardless of world and nationwide financial challenges. “Even in robust economies, know-how and meals stay resilient sectors. We’ve leveraged tech to ship modern options, and the outcomes converse for themselves,” he mentioned.

Wanting forward, Adeyipo mentioned CWG is projecting one other bullish 12 months in 2025, with expectations to greater than double its already spectacular 2024 figures. “In Q1 2025 alone, our efficiency has pointed to the truth that we’re on monitor to realize our targets,” he added.

On enlargement, Adeyipo revealed that the corporate has made substantial inroads into East Africa and is now totally operational within the Center East, with plans to develop via strategic partnerships. “Our fintech arm, Fifthlab, will probably be a significant focus in 2025. We’re additionally investing within the power house to additional diversify our portfolio,” he mentioned.

Throughout the AGM, shareholders accepted the dividend proposal and praised the Board for steering the corporate in the direction of constant progress. The occasion was attended bodily by key executives together with Mr. Adewale Adeyipo, GMD and CEO; Mr. Afolabi Sobande, Group COO; Mazi Philip Obioha, Chairman; Mrs. Taba Peterside, Impartial Non-Government Director; and Mr. Ireti Yusuf, Government Director.

Different Board members, together with Mr. Austin Okere, Mr. Olusegun Oso, and Mr. Babawale Agbeyangi, joined just about.

CWG closed the monetary 12 months 2024 with complete belongings of N29.9 billion, a 68 % improve from the earlier 12 months. Shareholders’ funds rose by 195 % to N6.6 billion, whereas money from operations climbed 426 % to N5.8 billion.