Nigeria’s Swap Technologies Rakes in N5.25 Billion in 2008

Mergers, Acquisitions and Financial Results

Despite the economic crunch ravaging companies world over, a Nigerian telecom services company, Swap Technologies and Telecom plc, has announced a turnover growth rate of 52% and a N5.25billion profits at the end of 2008 financial year.

The company announced this last week at the annual general meeting and financial year report organised at the Lagoon Restaurant Ozumba Mbadiwe, Victorial Island, Lagos. Addressing the board of Directors and the public at the event, the company's Managing Director, Tunde Titilayo, said that in spite of the difficult macro economic environment in which we operate, towards the last quarter of 2008,the company still came out strong on all our operating indices. Revenue growth of 51.7%, operating profit growth of 57.8% and profit after tax growth of 49.2%.

“In the new year 2009, we also expect to record double digit growth. Our West Africa office which is a 100% subsidiary of Swap Plc is in full operation in Accra and has started making waves in that region and will contribute to the group performance. We are also looking at some strategic mergers and acquisitions during the year to spur our growth taking advantage of the present global recession and the benefit of your company's strong balance sheet. This is necessary especially for us to achieve our vision of becoming one of the top 5 quoted conglomerates in Nigeria by 2011”.

Meanwhile, the chairman of the company , Adokpaye Godwin, also added that ' despite the global economics crunch that set many company back in making profits, activities in Swap Technologies has recorded a profit that valued 52% over the previous year. With the improvement, Swap has a future investment in Ghana and Nigeria with a new infrastructure sharing licence from the Nigerian Communication Commission(NCC).

Adokpaye, further said, the company which has been consistent over the year in living-up to her strategic thrust has differentiated itself as a first class organization as evidenced by its track record and corporate performance presented from its four divisional subsidiaries, they are Swap Mobile Ltd, Swap Energy Ltd, Swap Engineering and Project, and Swap Logistics Services.

Swap Technologies and Telecom began operating result in 2008 with confidence, based on our vision, strategy and people. In May 2008, this conviction was bolstered by a successful private placement during which investors injected N3.5billion into the company. The improved funding that led to notable improvements in the performance of our company resulting in business expansion, profitable volume growth and improved project execution. In spite of this, our profit after Tax improved from N344million in 2007 to N513millin in 2008, a rise of more than 49%.