Computer Warehouse Group, CWG PLC has moved its balance sheets from negative territories.
CWG PLC has disclosed that it recorded a net profit of NGN3,9 million in the first nine months of the year from NGN516 million loss in the year before.
Gross revenue for the period fell to NGN7,4 billion compared to NGN12,3 billion. However, there is a positive for the company as it did cut down its cost of sales from NGN10,3 billion to NGN5,6 billion.
The cost efficiency is a major milestone that has saved the company from declaring another loss.
Operating expenses has also been cut down to NGN1,5 billion compared to NGN2,2 billion. Because its cost has been tapered, the company posted a positive EBITDA of NGN266 million compared to a negative EBITDA of 172 million.
The company has grown its asset to NGN15,2 billion compared to NGN10,5 billion last year. The company has a considerably high debt it owes its partners, the effect of this has increased its total liabilities to NGN12,2 billion compared to NGN7,4 billion in the year before.
Corporate information
CWG Plc (the Company) is a limited liability company incorporated and domiciled in Nigeria. The registered office is located at Block 54A, Plot10, Adebayo Adebayo Doherty Road, off Admiralty Road, Lekki Phase 1, Lagos State in Nigeria.
The Group is principally engaged in the supply, installation, integration, maintenance and support of computer equipment, epayment hardware and ancillary equipment.
