Computer Warehouse Group (CWG) has recorded one of its best financial years in history, posting an impressive 428 per cent growth in profit after tax, and as a result, more than doubling its dividend payout for the 2024 financial year to 39 kobo per share. This was announced during the company’s 20th Annual General Meeting held in Lagos on Thursday, where excited shareholders applauded the board and management for steering the company in the right direction.
From the financials shared, CWG’s revenue surged from N23.53 billion in 2023 to N46.35 billion in 2024 — a massive 97 per cent increase. Profit after tax moved from N576.08 million to a strong N3.04 billion, reflecting a clear upward trajectory. The company’s remarkable performance has been largely attributed to strategic decisions, operational efficiency, and increased revenue contributions from its regional subsidiaries, especially CWG Ghana and CWG Uganda.
CWG Ghana delivered N8.44 billion in revenue, a 104.37 per cent jump, while CWG Uganda followed closely with a 106.79 per cent increase, generating N7.34 billion in 2024. These subsidiaries have become key contributors to the group’s impressive growth figures.
The Chairman of the Board, Mr. Philip Obioha, while addressing shareholders at the AGM, acknowledged the tough economic climate in Nigeria and around the world. He spoke on how inflation, currency volatility, and fiscal challenges created a difficult environment for businesses. However, he praised the resilience and agility of CWG in navigating those difficulties.
“Despite challenges such as inflation and currency fluctuations, CWG demonstrated resilience, driven by our flexible business model, strategic investments, and the dedication of our staff,” he said.
Mr. Obioha also highlighted CWG’s growing influence in the tech space, noting that the company received awards from global IT giant Infosys and was recognised at the Nigeria Technology Awards. According to him, these recognitions are proof of the company’s leadership and impact within the tech ecosystem.
Giving a review of both the Nigerian and global economies, the Chairman described 2024 as a year marked by economic headwinds but said there are positive signs that 2025 will bring more stability and growth. He shared that CWG is well-positioned to benefit from these developments.
CWG’s Group Managing Director and Chief Executive Officer, Mr. Adewale Adeyipo, credited much of the company’s success to its fintech subsidiary, Fifthlab, and the company’s expansion efforts in East Africa and the Middle East.
“It has been a remarkable year for CWG, not just in numbers but in the foundation we’ve laid. We’re building a platform that will propel us to become the kind of organisation we envision over the next two years,” Adeyipo said.
He explained that CWG’s positioning within the tech space gave the company an edge, allowing it to remain profitable even in the face of tough economic conditions. “Even in tough economies, technology and food remain resilient sectors. We’ve leveraged tech to deliver innovative solutions, and the results speak for themselves,” he added.
Adeyipo hinted at another strong year ahead. He said CWG is projecting to more than double its 2024 performance in 2025, with the first quarter results already showing that the company is on the right path.
On future plans, he revealed that CWG has entered the Middle East market and is actively exploring more opportunities through partnerships. He added that the company will be placing more focus on Fifthlab in 2025 and is also planning to invest in the energy sector as part of its diversification strategy.
Shareholders at the AGM were clearly pleased with the direction of the company. The 39 kobo dividend was approved without opposition, and several shareholders commended the management for staying focused on growth and innovation.
The company closed the 2024 financial year with total assets of N29.9 billion, which represents a 68 per cent increase from the previous year. Shareholders’ funds also rose by 195 per cent to N6.6 billion, while cash generated from operations surged by 426 per cent to N5.8 billion.
CWG’s performance has positioned it as one of the leading tech firms to watch in Nigeria and West Africa, with analysts expecting the company to play a bigger role in Africa’s digital transformation journey in the coming years.
