CWG achieves 81% PAT growth, Okere expresses confidence

DigitalSENSE Business News:

The Computer Warehouse Group (CWG) plc has formally released its audited financial results for the year ended December 31, 2013 to the Nigerian Stock Exchange with 81 per cent growth on Profit After Tax (PAT), reports DigitalSENSE Business News.

Also DigitalSENSE Business News gathered that the results show a strong and positive performance across all financial indices in affirmation that the company’s position as the foremost Pan African ICT services provider is unchanged.

Head, Marketing Communication, Ms Success Nmerife affirmed to DigitalSENSE Business News that the company’s revenues grew by 10 per cent to N20.7bn (2012: N18.7bn) while Profit After Tax increased by a whopping 81 per cent to N612m (2012: N339m) showing strong efficiency of operations.

Result of this, the company told DigitalSENSE Business News revealed a return on equity of 13 per cent in 2013, as against 11 per cent in 2012 and Returns on Capital Employed (ROCE) of 13 per cent against 7 per cent in 2012. 

Equally, DigitalSENSE Business News gathered that the company’s asset increased by N2bn to N13.4bn as at 2013 year end, while shareholders’ equity increased by a remarkable 66 per cent to N5.0bn in the same period. Thus, they finished with a strong cash position of over N1.1bn at the year end, with a 38 per cent increase in cash from operation over 2012.

Based on this improved performance, the directors have recommended a 33 per cent increase in dividend to 8k per share (2012; 6k)

The group chief executive officer, Austin Okere said that CWG used 2013 to consolidate her operations by investing in new systems and processes, which culminated in the cost efficiencies which in turn, resulted in the percentage growth in her bottom line. 

“This shall give CWG a cost leadership position whilst delivering superior service to its customers,” he said, pointing out that CWG shall continue to make investments that would make the company a global brand to behold.

The focus in the future would be to continue growing the brand through initiatives directed towards empowering the African entrepreneur. This would be done by making IT available to SME’s on a subscription basis, thereby lowering the entry barriers to the use of information technology. It is alsoa social impact investment 

Okere further noted that CWG, aside from consolidating its base in Uganda and Cameroun, will also make some acquisitions in the near future as part of its Pan African growth strategy. This would have an overall impact on its brand equity.

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