Financial Highlights for Q3 2025
CWG Plc has reported a profit after tax of N990 million for the third quarter of 2025, representing a 13.8% year-on-year (YoY) increase. This is according to the financial statement for Q3 2025 made available by the company on the Nigerian Stock Exchange.
CWG Plc, one of Nigeria’s leading information and communications technology (ICT) companies, attributed the strong performance for Q3 2025 to significant revenue and profit growth. The company stated that this development is fueled by a surge in demand for digital transformation across various sectors.
However, the company experienced a 5.5% YoY drop in its revenue, falling from N8.08 billion in Q3 2024 to N7.6 billion in Q3 2025. According to its financial statement, the company was able to adjust its cost of sales (CoS), resulting in an improved profit. Compared to N6 billion in 2024, CWG Plc saw its CoS cut down by 21.6% to N4.7 billion in Q3 2025.
Gross profit for the period amounted to N2.8 billion, a 35.5% YoY surge, while Earnings before interest, taxes, depreciation, and amortisation (EBITDA) experienced a 16.4% YoY rise to N1.4 billion from N1.2 billion.
Drivers of Growth and Market Position
CWG Plc’s continued milestone is attributed to sustained enterprise digital transformation in sectors such as banking, telecoms, and the public sector in Nigeria and across Africa. The company’s strategic investments in technology and its expanding service offerings are also key drivers of its performance.
In addition, its success is tied to the accelerating adoption of technology by businesses and governments. This new trend of the technology wave sees organisations using innovations to streamline operations, causing the demand for ICT solutions to skyrocket. CWG, with its diverse portfolio, is well-positioned to meet this need.
The company provides IT infrastructure, cloud services, software solutions, and digital platforms to large organizations like MTN, UBA, and First Bank. It also serves government entities such as the Independent National Electoral Commission and the Nigerian Communications Commission.
Balance Sheet Overview
In its balance sheet, CWG Plc’s total assets rose by 75.36%, from N19.81 billion in FY’24 to N34.74 billion at the end of September 2025, attributed to strategic investments. Total liabilities also spiked to N27.95 billion, up from N15.88 billion in December 2024. In addition, the company’s equity remained robust, standing at N6.78 billion, up from N3.92 billion at the end of 2024.
CWG is listed on the Nigerian Exchange Limited (NGX) with its operations expanding across Ghana, Cameroon, Uganda, and the UAE.
Performance in H1 2025
During the first half of 2025, CWG Plc displayed remarkable growth driven by soaring demand for digital solutions and a strategic focus on cost discipline, positioning CWG as a leader in Africa’s tech landscape. To this, the profit after tax surged by 113% YoY, reaching N3.56 billion.
The company’s revenue climbed to N28.4 billion, a 65% increase from N17.2 billion in the same period of 2024. This growth was reportedly fueled by strong performances across its core business segments: IT infrastructure services, managed and support services, software, and platform business.
IT infrastructure services led the charge, contributing N12.1 billion, while managed and support services added N8.3 billion, and the platform business chipped in N450 million.
The company’s profit after tax for the first quarter alone soared 368% to N1.48 billion from N316.1 million in Q1 2024, reflecting robust demand for its services.
CWG’s performance is part of a broader surge in Nigeria’s tech sector. Alongside peers like eTranzact and Chams Plc, CWG has contributed to a near-tripling of combined after-tax profits among these firms, reaching N2.46 billion in Q1 2025 from N990 million in Q1 2024.