Computer Warehouse Group’s Remarkable Financial Performance in 2024: A Story of Growth and Strategic Expansion
The year 2024 proved to be a watershed moment for Computer Warehouse Group (CWG), a leading technology solutions provider, as it recorded unprecedented financial success. The company’s performance exceeded all expectations, with profits soaring by an astounding 428 percent, reaching N3.04 billion compared to N576.08 million in 2023. This impressive growth was driven by a combination of strategic investments, enhanced operational efficiency, and significant contributions from its regional subsidiaries, particularly CWG Ghana and CWG Uganda. Consequently, the company more than doubled its dividend payout to 39 kobo, a move that was lauded by shareholders at the company’s 20th Annual General Meeting. This surge in profitability reflects CWG’s ability to navigate a challenging global economic landscape and capitalize on opportunities within the resilient technology sector.
CWG’s revenue witnessed a remarkable 97 percent surge, climbing from N23.53 billion in 2023 to N46.35 billion in 2024. This growth underscores the effectiveness of the company’s strategic initiatives and its expanding footprint across Africa. The contributions from CWG Ghana and CWG Uganda were particularly noteworthy, with revenue increases of 104.37 percent and 106.79 percent, respectively. These subsidiaries generated N8.44 billion and N7.34 billion, respectively, demonstrating the success of CWG’s regional expansion strategy. This diversified revenue stream not only bolstered the Group’s overall performance but also highlighted its ability to adapt to varying market conditions and leverage growth opportunities across different regions.
Despite a global economic climate marked by inflation, currency fluctuations, and fiscal constraints, CWG demonstrated resilience and adaptability. Chairman Philip Obioha attributed this success to the company’s flexible business model, strategic investments, and the dedication of its workforce. He highlighted CWG’s ability to innovate and adapt to challenging circumstances as key factors in its outstanding performance. Furthermore, the company’s recognition within the tech ecosystem, evidenced by awards from industry leaders like Infosys and the Nigeria Technology Awards, further solidified its position as a leader in the technology sector. This resilience, combined with a focus on innovation, allowed CWG to not only weather the economic storm but also to thrive and achieve remarkable growth.
Group Managing Director/Chief Executive Officer, Mr. Adewale Adeyipo, echoed these sentiments, emphasizing the pivotal role of CWG’s fintech subsidiary, Fifthlab, and the company’s expansion into East Africa and the Middle East in its success. He underscored the strategic importance of these initiatives in establishing a strong foundation for future growth. Adeyipo expressed confidence in CWG’s ability to achieve its ambitious goals, stating that the company is well-positioned to become a leading force in the technology industry. He also highlighted the resilience of the technology sector, even amidst economic downturns, emphasizing CWG’s ability to leverage technology to deliver innovative solutions that meet market demands.
Looking ahead, CWG projects another year of robust growth in 2025, aiming to more than double its 2024 figures. This ambitious target is supported by the company’s strong performance in the first quarter of 2025, indicating that it is on track to achieve its objectives. The company’s expansion plans include further penetration into East Africa, a solidified presence in the Middle East through strategic partnerships, and a significant focus on its fintech arm, Fifthlab. Additionally, CWG is diversifying its portfolio by investing in the energy sector, further broadening its reach and revenue streams. This strategic diversification demonstrates CWG’s commitment to long-term growth and its ability to adapt to evolving market dynamics.
The shareholders’ approval of the dividend proposal and their commendation of the board’s leadership further underscore the confidence in CWG’s future prospects. The company’s strong financial position, with total assets of N29.9 billion, a 68 percent increase from 2023, and a 195 percent rise in shareholders’ funds to N6.6 billion, reflects its sound financial management and growth trajectory. The significant increase in cash from operations, up 426 percent to N5.8 billion, further reinforces CWG’s ability to generate strong cash flow and invest in future growth initiatives. This combination of strategic vision, strong financial performance, and shareholder confidence positions CWG for continued success in the dynamic technology landscape.
