Skip to content
The African Exponent DATA
Resources

Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

CWG

CWG · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
CWG Plc
Listing
CWG on the Nigerian Exchange, active · ISIN NGCWG0000002 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

  • Revenue

    NGN 65.6 billion

    65,558,198 NGN thousands · p68

    +41.4% vs 2024

  • Operating profit / (loss)

    NGN 7.52 billion

    7,519,149 NGN thousands · p68

    +69.0% vs 2024

  • Profit / (loss) for the year

    NGN 4.98 billion

    4,975,103 NGN thousands · p68

    +63.4% vs 2024

  • Total assets

    NGN 40.0 billion

    39,965,831 NGN thousands · p66

    +33.5% vs 2024

  • Total equity

    NGN 8.92 billion

    8,921,127 NGN thousands · p66

    +34.6% vs 2024

  • Cash from operations

    −NGN 2.17 billion

    (2,168,368) NGN thousands · p69

    −137.4% vs 2024

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Revenue 65,558,198 46,353,452
Cost of sales (49,617,667) (36,459,276)
Gross Profit 15,940,531 9,894,176
Other income1 598,085 237,551
Administrative expenses (8,414,244) (5,700,415)
Exchange gain/(loss) (605,223) 18,742
Operating profit 7,519,149 4,450,054
Finance costs (61,102) (95,511)
Finance income 421,214 62,640
Profit before tax 7,879,261 4,417,183
Income tax expenses (2,904,158) (1,373,123)
Profit for the year (unlabelled) 4,975,103 3,044,060
Net gain/(loss) on financial2 9,840 8,910
Translation of foreign entities3 (1,707,194) 1,735,420
Other comprehensive income for the year ‑ net of tax (1,697,354) 1,744,330
Total comprehensive income 3,277,749 4,788,390
Notes and alternative reported figures (3)
  1. “Other income” is an issuer-specific line, not mapped to a shared definition: Note 9.
  2. “Net gain/(loss) on financial” is an issuer-specific line, not mapped to a shared definition: Note 24.2: OCI item that may be subsequently reclassified.
  3. “Translation of foreign entities” is an issuer-specific line, not mapped to a shared definition: Note 24.3: OCI item printed under 'Items that may not be subsequently reclassified'.

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Property, plant and equipment 1,348,830 957,398
Right of use asset 151,719 152,010
Intangible asset 51,812 63,065
Investment in subsidiaries1 59,402 67,720
Deferred tax assets 12,627 2,674
Financial assets2 366,973 324,378
Non-current assets (unlabelled subtotal) 1,991,363 1,567,245
Inventories 7,325,910 3,532,801
Trade and other receivables 23,867,035 16,797,047
Income tax receivables –3 84,009
current assets4 1,577,399 1,920,700
Cash and cash equivalents 5,204,124 6,044,821
Current assets (unlabelled subtotal) 37,974,468 28,379,378
Total assets 39,965,831 29,946,623
Ordinary shares 1,262,413 1,262,413
Retained earnings 7,429,207 3,438,785
Fair value reserve 36,447 26,607
Foreign translation reserve5 193,060 1,900,254
Total equity 8,921,127 6,628,059
Deferred tax liabilities –6 75,250
Non‑current liabilities –7 75,250
Trade and other payables 21,179,555 15,298,416
Lease liability 19,683 26,238
Interest bearing loans & 4,597,800 2,011,308
Income tax payable 2,781,852 1,257,889
Contract liability 2,465,814 4,649,463
Current liabilities (unlabelled subtotal) 31,044,704 23,243,314
Total Liabilities 31,044,704 23,318,564
Total equity and liabilities 39,965,831 29,946,623
Overdraft8 (2,176) (203,478)
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.total_liabilities.
Notes and alternative reported figures (5)
  1. “Investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 18; printed with an amount in the Group columns as well.
  2. “Financial assets” is an issuer-specific line, not mapped to a shared definition: Note 19: financial assets (FVOCI and amortised cost), non-current.
  3. “current assets” is an issuer-specific line, not mapped to a shared definition: Note 22: mainly prepayments.
  4. “Foreign translation reserve” is an issuer-specific line, not mapped to a shared definition: Note 24.3.
  5. “Overdraft” is an issuer-specific line, not mapped to a shared definition: Overdraft deducted from cash and bank balance in the analysis of cash at the foot of the statement of cash flows (p70).

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Profit for the year1 4,975,103 3,044,060
Depreciation of property, plant and2 385,574 244,294
Operating cash flow before working capital changes (unlabelled subtotal)3 5,917,282 6,023,109
Cash generated from/(used in) operating activities (900,846) 5,907,485
WHT credit note utilised4 (962,938) 22,601
Income tax paid (304,585) (124,572)
Net cash from/(used in)/from operating activities (2,168,368) 5,805,514
Purchase of property, plant and equipment (544,803) (512,089)
Purchase of right‑of‑use assets5 (48,616) (88,502)
Acquisition of intangible assets –6 (10,611)
Addition to investment in subsidiaries7 8,318 (7,730)
Addition to Financial assets measured at FVOCI &8 (42,595) (70,701)
Interest received 421,214 62,640
Net cash used in investing activities (206,482) (626,993)
Additional loan 15,446,839 12,778,250
Repayment of loan principal (12,659,045) (13,081,232)9
Additional lease liabilities10 14,967 45,105
Dividend paid (984,682) (403,972)
Lease obligation repayment (21,522) (27,569)
Interest paid11 (61,102) (95,511)
Net cash (used in)/from financing activities 1,735,455 (784,929)
Net increase/(decrease) in cash and cash equivalents (639,395) 4,393,592
Cash and cash equivalents at the beginning of the period 5,841,343 1,447,751
Cash and cash equivalents 5,201,948 5,841,343
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “(1 3,081,232)”; read as (13,081,232). p70: The text layer spaces the first two digits of the 2024 cell ('(1 3,081,232)'); the page image prints (13,081,232).
Notes and alternative reported figures (9)
  1. “Profit for the year” is an issuer-specific line, not mapped to a shared definition: Starting line of the indirect-method operating section.
  2. “Depreciation of property, plant and” is an issuer-specific line, not mapped to a shared definition: Note 17.2: depreciation of property, plant and equipment added back in the operating section.
  3. “Operating cash flow before working capital changes (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal: profit for the year plus the printed non-cash adjustments.
  4. “WHT credit note utilised” is an issuer-specific line, not mapped to a shared definition: Note 14.4: withholding-tax credit notes utilised, operating activities.
  5. “Purchase of right‑of‑use assets” is an issuer-specific line, not mapped to a shared definition: Note 26.3: investing activities.
  6. “Addition to investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 18: investing activities (2025 an inflow).
  7. “Addition to Financial assets measured at FVOCI &” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  8. “Additional lease liabilities” is an issuer-specific line, not mapped to a shared definition: Note 26.2: financing activities.
  9. “Interest paid”: mapping to a shared definition is uncertain. Printed 'Interest paid' in financing activities; equal to finance costs in the income statement.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)41 1.972 1.213
  1. Printed as 197 kobo; value converted to NGN at 100 kobo = 1 NGN.
  2. Printed as 121 kobo; value converted to NGN at 100 kobo = 1 NGN.
Notes and alternative reported figures (2)
  1. “Earnings per share(Kobo)”: mapping to a shared definition is uncertain. One EPS line printed ('Earnings per share(Kobo)'); basic or diluted not stated.
  2. Earnings / (loss) per share: printed as “Earnings per share(Kobo)”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividend paid (984,682) NGN thousands Annual report, p70
31 Dec 2024 Dividends paid (cash flow statement) Dividend paid (403,972) NGN thousands Annual report, p70

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • CWG PLC 2025 Annual Report & Accounts

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: PKF Professional Services (Lagos), unmodified opinion · signed

    Auditor's sign-off: Benson O. Adejayan, FCA (FRC/2013/PRO/ICAN/004/00000002226), for PKF Professional Services

    Final status: Independent auditor's report to the members of CWG Plc (opinion PDF p56) signed (handwritten) by Benson O. Adejayan, FCA (FRC/2013/PRO/ICAN/004/00000002226) for PKF Professional Services, Lagos, 'Dated: 18 March 2026', with the ICAN seal (PDF p60, page image; the report pages are scanned images). Consolidated statements approved by the board on 18 March 2026 and signed (handwritten) by the MD/CEO, the chairman and the COO (PDF p67, page image).

    Document date
    18 Mar 2026
    Auditor's report
    18 Mar 2026
    Board approval
    18 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NGN thousands (printed “N'000”)
    • Key audit matter: impairment of financial assets (expected credit losses on trade and other receivables) (PDF pp57-58).
    • Statement of cash flows (p69): the printed Group 2025 adjustments (profit 4,975,103 through net foreign exchange differences (1,707,194)) add to 5,801,289, not the printed subtotal 5,917,282; the printed subtotal plus the printed working-capital changes gives (880,940), not the printed 'Cash generated from/(used in) operating activities' (900,846). Several rows print their note references against the wrong line (e.g. 'Finance income' note 14, 'Changes in fairvalue reserve' note 13, 'Finance cost' note 24.2). Compared on the page render; kept as printed; the individual adjustment lines are not transcribed.
    • Cash and cash equivalents in the statement of cash flows (5,201,948; 2024: 5,841,343) equal cash and bank balance (5,204,124; 2024: 6,044,821) less overdraft (2,176; 2024: 203,478) (analysis at the foot of p70).
    • EPS is printed in kobo: Group 197 (2024: 121); the Company 2024 column prints '0.93' (p68), not transcribed.
    • The Group columns print 'Investment in subsidiaries' (59,402; 2024: 67,720) among non-current assets (p66). No total is labelled for non-current assets, current assets, non-current or current liabilities; those subtotals are unlabelled rows (pp66-67). Profit for the year is an unlabelled row under income tax (p68).
    • The auditor's opinion (PDF p56) refers to the consolidated financial statements; the statements print Group and Company columns. The auditor's separate ICFR attestation (limited assurance, PDF pp53-55) is not an audit opinion on the statements.
    Technical details
    File
    146 pages, with a text layer
    SHA-256
    9db223f920940995c6a462e769954e2661094a1f1cb7e7cec6b3cb68301654dc
    Entity as printed
    CWG Plc (the Company) and its subsidiaries (together the Group)
    Issuer copy
    retrieved 2026-10-08T20:40:34Z

Data notes

  • Repayment of loan principal — Printed '(1 3,081,232)'; read as '(13,081,232)'. The text layer spaces the first two digits of the 2024 cell ('(1 3,081,232)'); the page image prints (13,081,232). (CWG PLC 2025 Annual Report & Accounts, p70)

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

Download

Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

· Company methodology and coverage