eTranzact, CWG, and Chams, three listed Nigerian tech firms, have recorded almost triple after-tax profit in Q1 2025, according to an analysis of the companies’ financials done by BusinessDay.
The latest financial statements of Chams Plc, Computer Warehouse Group (CWG) and eTranzact International Plc revealed that their combined after-tax profit rose to N2.46 billion from N99o million in the same period of 2024, as a result of growing IT demands in the continent.
According to reports, there has been a spike in technology consumption across West Africa over the past year, a situation that has boosted revenue of the three firms by 36 percent, growing to N25.72 billion from 18.9 billion during the period.
Read also: Chams Q1 profit before tax plunges 54% to N181.5m
Chams Plc
Chams Holding Company Plc saw its pre‑tax profit fall by 54 percent to N181.5 million, and its earnings per share shrank to 3 kobo from 8.1 kobo a year earlier. Nonetheless, the group posted an 11.5 percent uplift in revenue, rising to N3.87 billion, owing to growth in its New Solutions and Card Production segments.
“New Solutions generated N958.3 million (24.8 percent of total revenue), while Card Production contributed N948.8 million (24.6 percent). Biometric devices and printers, and consumables each accounted for about 19 percent of sales. Smaller operations such as payment gateway and virtual airtime remained immaterial,” its financials read.
Chams, founded in 1985 as a private computer‑hardware and maintenance firm, now delivers integrated identity‑management and payment solutions.
After listing publicly, it has partnered with both federal and state bodies—among them the Nigeria Communications Commission, the Independent National Electoral Commission and several state governments—to roll out its identity platforms.
The company also contributed to the Central Bank–led Bank Verification Number (BVN) initiative.
Read also: CWG sees 368% profit boost in Q1 2025 amid robust revenue growth
CWG
CWG’s revenue surged 83.5 percent to N15.32 billion (from N8.38 billion) and profit after tax soared 368 percent to N1.48 billion (versus N316.1 million).
Pre‑tax profit also jumped to N2.18 billion, more than five times the N415.9 million reported in Q1 2024. The results underscore robust demand for CWG’s IT solutions and infrastructure services across Nigeria and the wider West African region.
CWG, established in 1992, has evolved into a comprehensive IT solutions provider offering hardware, software, communications, cloud and managed services, as well as infrastructure deployment and training. After going public on the Nigerian Exchange in 2013, the company expanded beyond its Lagos headquarters to open regional offices across Africa.
Originally a Dell reseller, CWG built a blue‑chip client roster that includes MTN Group, ExxonMobil, Unilever, Cadbury, Nestlé and Shell.
“We are poised for even more significant revenue and profit growth in 2025,” A CWG spokesperson said.
“As we move into 2025, we are diversifying our offerings to more sectors, strengthening our presence in our existing markets, and expanding operations into other East African countries and the Middle East.”
According to experts, CWG’s success will depend on its ability to scale quickly, localise effectively, and sustain innovation across its proprietary platforms.
Read also: eTranzact surpasses Q1 profit target with N830.2m
e-Tranzact International Plc
e-tranzact delivered profit after tax of N830.2 million, above its N365 million forecast and up 57 per cent from N528.1 million in the prior‑year quarter.
Although revenue of N6.5 billion trailed the N7.04 billion earned in Q1 2024, it comfortably exceeded the company’s N2.2 billion projection.
Pre‑tax profit reached N1.18 billion (versus a budgeted N521.09 million), while tax expenses rose to N355.8 million, 127 percent above plan. A 33 percent reduction in cost of sales, to N3.4 billion from N5.05 billion, helped lift gross profit to N3.1 billion, beating the N1.91 billion target by 63 percent.
eTranzact, an electronic payments solution provider, operates in Ghana, Kenya and Zimbabwe. It also has operations in Côte d’Ivoire and the United Kingdom.
The firm started in September 2003. Its solutions cover all payment aspects, including ATM, Internet, POS, and Mobile.
The firm has deployed its mobile payment solutions to banks and non-bank financial institutions. Its solutions cut across the government and education sectors. It also has solutions for the travel and transportation industry.
