Cutix Plc, a Nigerian cable giant has posted a turnover of over N12 billion and a profit before tax of over N1.6 billion for the 2024 fiscal year.
Barr. Ifeoma Nwahiri, Chairman of the Board of Directors of the company, disclosed at its 41st Annual General meeting in Nnewi, Anambra state at the weekend.
She said the report represented growths of about 32 per cent and 36 per cent, respectively.
According to her, the achievement underscored the effectiveness of the company’s unwavering commitment to product quality, operational excellence, strategic marketing, and customer satisfaction.
Nwahiri described it as a testament to the resilience of the company’s business model.
“While financial year 2024’s results are respectable, they also illuminate opportunities for advancement. With our unwavering leadership and talented workforce, we are poised to solidify our market position.
“Nigeria’s growing manufacturing sector faces an array of obstacles. Securing foreign exchange for essential materials and equipment remains an impediment.
“The Central Bank’s limitations and delays in forex processing hinder production efficiency. Additionally, a labyrinth of taxes and unstable customs duties significantly inflate our costs, “She said.
The Chairman added that the market was saturated with low-quality imported products, eroding consumer confidence in domestic products.
Nwahiri said the erratic power supply and rising energy prices further strained the company’s operations.
She said the security situation in certain regions had also disrupted business continuity.
She added that despite those headwinds, the company remained one built on adaptability, pointing out that Cutix Plc was actively leveraging its strengths to navigate the evolving landscape.
Nwahiri extended appreciation to the company’s management team, staff, and stakeholders. “Your unwavering commitment was the engine that propelled the company’s success.
On corporate social responsibility, she said that remained the company’s cornerstone identity.
She explained that the company was proud to be a long-standing sponsor of the East of the Niger Inter-Club Tennis League, fostering unity beyond regional boundaries and promoting physical well-being.
According to her, the company had provided essential resources like free power, water, educational support, and more to the local community.
Nwahiri said the company believed in giving back, as it prioritized starting in its neighbourhood. “The company remained optimistic, saying that the future holds immense promise.
“We are actively strategizing to evolve our business model and diversify our product offerings.
“We remain committed to investing in research and development, innovation, and operational efficiency to ensure sustainable growth.
“We are unwavering in our dedication to delivering value to all stakeholders, including shareholders, customers, employees, the wider community and government, “she said.
Earlier, the company observed a one-minute silence for the death of its founder, Engr. Ajulu Uzodike died on June 7, 2024, after a brief illness.
