CWG expects lower earnings for 2017 year end


Following the preliminary review of CWG Plc’s financial statements for the year ended 31 December 2017, it is expected that the estimated earnings and year ended financial projections will be materially lower in comparison to the prior year financials, CWG said.
The company in the profit warning statement sent to the Nigerian Stock Exchange today in Lagos said, “the reduction in earnings is predominantly a result of loses incurred, due to the financial cost implications of non-actualized projects which have adversely affected the company’s estimated earnings and year end projections.”
From the preliminary forecast undertaken, the board of CWG Plc however remain positive about the strategic direction of the company.
The board believed that, restructuring both its business and management models would help in maintaining its leadership position.
The board is highly optimistic about the new initiatives due to the launching of a number of technology platforms that are currently in the developmental stage and the strategic partnerships that have been concluded, which are expected to translate to increased transactional numbers.