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CutixPlc’s first-quarter profit up 7% to N139.4mn

...share price up 113% year-to-date

CutixPlc grew its profit after tax (PAT) by 7percent to N139.4million in its first-quarter (Q1) period ended to July 31, 2021,as against N130.4million in same period of 2020.
Listed on the Main Board of the Nigerian Exchange Limited (NGX), CutixPlc is engaged in the manufacturing and marketing of electrical, automobile and telecommunication wires, cables and related products.

In the review period, the company grew its revenue by 25percent to N1.86billion from N1.48billion in same period of 2020.

The results at the NGX show that Cutixgrew its Profit Before Taxation (PBT) by 2percent, to N205.06million from N200.684million.

The Company’s product range includes Bare Copper Conductors on Reel, Bare Stranded Copper Conductor, Insulated Copper Conductors on Reel, polyvinyl chloride (PVC) Insulated Copper Cables, PVC Insulated Single/Double Sheathed-Core Aluminum Cable, PVC Insulated and Sheathed Flat Twin/Three-Core Copper Cables, 4 Core Aluminum Twist Cables, Bare Aluminum Conductor (BAC) Low Tension, Bare Stranded Aluminum Conductor (Overhead), Aluminum Conductor Steel Reinforced, Flat Flexible Cable, Round Flexible Cables, Automotive Cables and PVC Insulated and Sheathed Armored Cables.
The first quarter financial scorecard shows CutixPlc’s Total Assets at N4.617billion, up by 22percent from N3.776billion in Q1 of 2020.

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The Company operates a production site covering an area of approximately 6,000 square meters. Its focuses on producing power cable of various sizes in low voltage ranges of PVC, cross-linked polyethylene (XLPE) and PE.

On January 28, 2021 Cutix notified the Nigerian Exchange Limited of share dealing by its insider/founder – Gilbert ObiajuluUzodike. He had on January 26, 2021 bought 695,919 units of CutixPlc shares at N2.10 per share. The transaction was valued at N1.46million.

CutixPlc has 1.761billion shares outstanding, each valued at N4.9kobo as at September 2. At this pirce, the stock has risen by N113percent year-to-date (YtD) far outperforming many counters on the Nigerian Exchange.

At an extraordinary general meeting (EGM) of CutixPlc held in February, the shareholders had authorized the company to increase its share capital from N1.435billion to N1.935billion by the creation and addition of 1billion ordinary shares of 50kobo each, ranking in all respect, pari-passu with then ordinary shares of the company.

This implies that CutixPlc share price is off to a record 52-week high of N5.65kobo asagainst a corresponding week low of N1.53kobo. In the review period, its share price increased to N4.81 as against N1.65kobo in same Q1 period of 2020, representing an increase of 192percent.
CutixPlc’s actual earnings per share increased to 7.92kobo from 7kobo in Q1’20, up 13percent.

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