Computer Warehouse Group revenue up 64.2% to ₦23.3bn in FY’23

Computer Warehouse Group (CWG) has reported a significant 64.2 per cent increase in full-year earnings for 2023, reaching 23.3 billion naira, despite facing losses in net foreign exchange differences. Adewale Adeyipo, the Group CEO of Computer Warehouse Group, discussed the company's success and growth plans for 2024 in an exclusive interview with CNBC Africa. Adeyipo attributed the remarkable growth to the strategic pillars laid out in the company's five-year plan, emphasizing focus on growth, profit, liquidity, dividend, and expansion. The CEO highlighted the challenges posed by the volatile economic environment in 2023, citing multiple devaluations, inflation, and rising unemployment in Nigeria and other operating countries. Despite the adversities, CWG maintained a lean operation and swiftly adjusted its business processes to mitigate the impact of the unfavorable conditions. Adeyipo acknowledged that the road ahead might still be challenging but expressed cautious optimism for a potential turnaround by the second half of 2024. In terms of future plans, Computer Warehouse Group is eyeing expansion in East Africa, particularly in Uganda, driven by increasing demand for technology solutions in the region. The company also intends to explore new opportunities in the Ghanaian market while bolstering its presence in data centers and leveraging partnerships for the 5G rollout. Additionally, CWG is focusing on the growth of its fintech subsidiary, 5thLab, which has been instrumental in developing innovative payment solutions. As CWG navigates the evolving business landscape and economic uncertainties, Adeyipo emphasized the importance of prioritizing strategic initiatives and maintaining a clear focus on key objectives. With the company's solid foundation and commitment to innovation, Computer Warehouse Group is well-positioned to capitalize on emerging opportunities and drive future growth in the technology and integrated services sector.