In spite of the challenging macroeconomic landscape, Cutix Plc, a renowned industry player for 40 years specializing in the production and distribution of electrical, automotive, and telecommunications wires, cables and related products, has reported a remarkable revenue growth of 18 per cent for the financial year ended April 30, 2023.
According to the financial report submitted to the Nigerian Exchange Limited (NGX), the Company achieved a substantial revenue of N9.248 billion in 2023 as compared to N7.867 billion in the corresponding period of 2022, representing a growth of 18 per cent.
The Profit After Tax also demonstrated a positive trajectory, rising from N786.307 million in 2022 to N789.985 million in 2023, representing a growth of 0.47 per cent. Total assets rose markedly from N5.116 billion in 2022 to N5.N5.842 billion in 2023 while capital expenditure rose from N250.881 million in 2022 to N271.689 million in 2023, representing an increase of eight per cent.
The Directors of the Company have recommended a dividend of 12 kobo per share for shareholder approval at the 40th Annual General Meeting on August 25, 2023. The total dividend payable, if approved by the Shareholders, is N422.717 million and is subject to deduction of withholding tax at the rate applicable at the time of payment.
As part of its corporate social responsibility, Cutix Plc during the 2023 financial year donated N 113 million as educational, medical assistance and security assistance to the Nnewi community, sponsorship of the 2022/2023 ENIC tennis league, construction of Osita Onyejianya Street (Cutix access road), installation of the streetlight on Osita Onyejianya Street and Rehabilitation Centre for the Disabled, Old and Tramps (RECDOT), among others.
Cutix Plc was incorporated on November 4, 1982, as a private limited liability company. It was quoted on the Second Tier of the Nigerian Stock Exchange on August 12, 1987, and later migrated to the First Tier of the Exchange on February 18, 2008. The price per 50k share of the Company as of April 28, 2023, was N2.25.
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