By Nkiruka Nnorom

CWG Plc has said that it is set to further grow its earnings in 2022 by developing its IPs (Internet Protocols) to strengthen the commercial momentum within its platform business segment.

The company also said that it is committed to creating value for the shareholders by increasing its service offering, proactively delving into technology trends such as workplace automation, blockchain technology, and cloud services while enhancing the potential of the business to have credible and sustainable revenue stream.

The Group Managing Director/CEO, Adewale Adeyipo, stated this at the company’s 17th Annual General Meeting (AGM) in Lagos, saying that the company has created the necessary business lines to propel the company to the next phase.

“Our current business strategy presents a bold repositioning, focusing on growing the company’s IPs. Other priorities will be increased service offerings, engagements and collaborations with private and government parastatals for our technology platforms to drive growth, new businesses and partnerships on some economic relief initiatives.

“Looking into the future, we have the confidence that comes from knowing that our businesses are well positioned with leading-edge products in today’s markets. We expect strong growth to be recorded in the years ahead. Beyond that, we are excited about our future collaborations,” he said.

Reviewing the 2021 financial performance, Adeyipo said that the company’s partnership with other technology brands and the organisation’s focus on specific relevant products/offerings that address customer’s technology needs post-Covid-19 had resulted in growth in its Profit Before Tax (PBT) by 13.6 percent to N621.43 million from N547.26 million in 2020 and a 1.8 per cent increase in the Group’s EBITA to N655 million from N644 million in 2020.

The chairman of the company, Mr. Philip Obioha, speaking, said: “The Group made remarkable progress in its efforts at growing its payment and platform business segment. Within the year, the company launched its “As a Service” business model across its business verticals.

“Of major importance is the provision of infrastructure as a service and backup as a service to many of our customers. This has enabled us to shift the customers’ mindset from the traditional model of infrastructure ownership to a model that revolves around providing those infrastructure on a non-ownership basis.”