CWG Plc records 14% decline in 2020 FY pre-tax profits

CWG Plc (CWG) recorded a decline in its 2020 FY pre-tax profit, as total revenue increased.

CWG Plc – an ICT Solutions company – reported pre-tax profit of N546.24 million in 2020 FY compared to N634.01 million recorded in the same period of 2019 – a 13.84% decline.

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Key highlights for 2020 FY

• Revenue increased to N11.81 billion, +23.4% YoY.
• Other income declined to N37.27 million, -96.73% YoY.
• Cost of sales increased to N9.16 billion, +26.45% YoY.
• Operating expenses declined to N1.8 billion, -24.40%YoY.
• Interest and finance charges increased to N89.87 million, +22.91% YoY.
• Pre-tax profit declined to N564.24 million, -13.84% YoY.