AGM: Cutix Plc records N662m Profit Before Tax in 2018 fiscal year
Cutix Plc., a leading electrical cables manufacturing company in Nigeria has declared N661.6m as Profit Before Tax (PBT) for its 2018 financial year which ended on April. 30.
The company made the disclosure at the pre-2018 Annual General Meeting (AGM) news conference in Nnewi on Wednesday.
Mr Ifeanyi Uzodike, the outgoing Chief Executive Officer (CEO) of the company, said that the amount represented an increase of 79 per cent over N370.1 million recorded in 2017.
Uzodike said the company generated N5.1 billion in revenue against N3.7 billion recorded in the previous year, representing an increase of 38 per cent.
He said that the company’s Profit after Tax indicated an increase of 71 per cent at N440. 3 million as against N257.5 realised in 2017.
The total equity of the company increased from N1.01 billion in 2017 to N1.3 billion in 2018, while paid-up share capital and number of shares in issue remained unchanged at N440.3 million and N880.7 million respectively.
Uzodike described the performance of Cutix Plc in the financial year as fair considering the ‘economic situation of the country.
He said the company’s operations were largely affected by macroeconomic variables, including foreign exchange and inflation as the company was about 95 per cent dependent on imported raw material inputs.
According to him, most of the Foreign Exchange (Forex) required by the company was sourced from the parallel market, noting that the performance would have been better if the conditions were better.
He, however, pointed out that the company did not lay off any staff in spite of the challenges.
“We are meeting our obligations to no fewer than 250 staff in our employ in terms of salary payment and welfare as well as our obligations to all company stakeholders,” he said.
Uzodike, who was CEO for 10 years, also introduced Mrs Ijeoma Oduoye as his incoming successor.
He said that between 2009 and 2018, the net assets of Cutix grew from N400.1 million to N1.3 billion, while revenue rwas raised from N1.32 billion to N5.1 billion.
Also, PBT which stood at N134.1 million in 2009 grew to N661.6 million, while dividend payout moved from N63.4 million to N178.1 million in the 10 years period.
He thanked the shareholders, staff and management of the company and urged them to show the incoming CEO greater support to enable her succeed.
In her remark, Oduonye, who was the company’s secretary, said that she would uphold the principle of quality and customer-centered ideal of the company.
She said she would be fair to all and would not compromise on the corporate focus of Cutix which had made it a flagship in the cable industry in Nigeria.
Oduonye obtained her OND and HND from Federal Polytechnic, Kaura Namoda and Federal Polytechnic Oko in 1991 and 1995 respectively and Advanced Management Programme from Lagos Business School.
She is a member of the Institute of Chartered Secretaries of Nigeria (ICSN) and has served in several departments of the company. (NAN)