CWG Plc, has assured shareholders who invested in the company of sustained growth, stressing that it has made significant strides in delivering innovative products and platforms in payments over the years.
At the Annual General Meeting (AGM) held recently in Lagos, shareholders approved a dividend per share of 4.0 kobo while commending the board and management of CWG for improving the company’s fortunes, despite the challenges.
Addressing the shareholders, Chairman CWG Mr. Philip Obioha, said the group recorded remarkable performance in 2022 as it consolidated the gains of its investments in its payment platform and subscription service businesses.
He outlined that the group made significant strides in its businesses in the past year, including onboarding four new banks on its Finedge Core banking application platform on a subscription service basis while also driving its “infrastructure as a service” business with the addition of new customers to its subscribers’ list.
He said the company has continued to make significant investments in its Datacenter offerings to provide the required infrastructure needed to support its platform business, adding that the group has also been making giant strides in its energy metering business as it achieved a 600 percent revenue growth when compared to the previous year. “Within the year, our company established a new fintech organization named Fifthlab. Fifthlab has an ecosystem of advanced but simple solutions focusing on delivering innovative products and platforms in payments and banking to address the identified gaps.
He also spoke about the newly established Dubai entity, part of the group’s expansion plan that offers entry into a growing market with a supportive environment for innovation and development. “We are confident that the investments and efforts put into the new organization/ businesses will yield significant returns starting from the 2023 financial year,” Obioha said.
He assured shareholders that with the resumption of dividend payments, the board and management of the group would work to ensure unbroken dividend payments annually. “The board is committed to working with management in deploying the group’s assets judiciously and profitably to maximize shareholders’ return,” Obioha said.
Managing Director and Group CEO of CWG Plc, Mr. Adewale Adeyipo, said the group’s performance in 2022 demonstrated its business strength and enthusiasm for achieving success.
