Computer Warehouse Group Plc (CWG) has posted a profit after tax of N1.48bn for the first quarter ended March 31, 2025, representing a 368 per cent increase from the N316.1m recorded in the same period of 2024.
The company’s unaudited financial statement filed with the Nigerian Exchange revealed that the group’s revenue surged by 83 per cent to N15.32bn in the first quarter of 2025, up from N8.38bn in the same period of 2024. This growth was driven by increased demand for the group’s technology and ICT services across its operating segments.
Cost of sales also rose to N11.31bn in the period under review, from N6.87bn in the same quarter last year. Despite the rise in cost, the group reported a gross profit of N4.01bn, more than doubling the N1.51bn recorded in the first quarter of 2024.
Operating expenses increased to N1.78bn from N1.01bn, while other income rose sharply to N70.17m from N331,000.
The group recorded earnings before interest, tax, depreciation, and amortisation (EBITDA) of N2.3bn in the period under review, compared to N500.5m in the same quarter of 2024.
Following depreciation and finance charges, CWG posted a profit before tax of N2.18bn, representing a 423 per cent increase from the N415.9m posted in the same period of 2024. However, tax expenses also climbed to N696.9m from N99.8m.
On its balance sheet, total assets rose to N36.87bn as at 31 March 2025, up from N29.95bn recorded at the end of December 2024.
This was largely supported by growth in trade and other receivables, which increased to N22.9bn, and inventories, which stood at N6.56bn.
The group’s retained earnings rose to N4.92bn during the period, from N3.44bn in December 2024, reflecting its improved profitability. Total liabilities also increased to N29.43bn from N23.32bn, with trade and other payables rising to N20.59bn.
The growth seen in Q1 marked continuation of its positive close for the financial year ended December 31, 2024 when it recorded a 97 per cent growth in revenue, hitting N46.3bn, compared to N23.5bn in 2023.
