Cutix plc sees 29% growth in PBT to N1.1bn

Cutix plc, an electrical cable manufacturing outfit based in Nnewi, Anambra State of Nigeria, has posted a turnover of N7.8 billion for the financial year ended April 30, 2022,  representing a 17 percent growth over last year’s figure.

The company also posted a profit before tax (PBT) of over N1.1 billion in the period, a 29 percent increase compared to N899,827 million PBT recorded in 2021.

Okwudili Nwosu, chairman, Board of Directors of the company, made the disclosure at its 39th Annual General Meeting (AGM) held recently in Nnewi.

Nwosu, whose address was read by Chinwendu Nwokporo, the company’s secretary, commended the management, staff and other stakeholders of the company for the fair achievement.

“The board is pleased to recommend a dividend of 10k per share, which represents a 33.3 percent increase in the amount paid last year. This is a payment of N352 million as dividend compared to N264 million paid in 2021,” Nwosu said.

“Despite some challenges, the board and management remain resolute and committed to the achievement of the mission and the vision of the company to deliver sustained growth to the business,” he said.

Nwosu said the financial year 2022 was characterized by a dynamic and challenging macro-economic environment brought about by the Omicron variant of the COVID-19, which had a significant impact on businesses globally.

“The challenges were further compounded by the persistent and sustained insecurity which reflected in the activities of the herdsmen/farmers clashes, rampant kidnappings and other violent crimes including armed robberies,” he said.

He, however, affirmed that the company is adapting to the ever-changing business environment, compounded by difficulty in accessing foreign exchange as well as the naira’s loss of value against foreign currencies.

“We are not oblivious to the fact that there are still prospects to be exploited within the economy,” he said.

Nwosu said that the management had resolved to reintroduce the products of Adwitch Plc, which the company acquired during the 2021 financial year.