Cutix PLC posts N1.1bn profit before tax in 2022

Cutix PLC, the Nnewi cable giant, has posted a turnover of N7.8 billion with a profit before tax of over N1.1 billion for the financial year ended on April 30, 2022.

The company made N899,827 profit before taxation in 2021.

Amb. Okwudili Nwosu, chairman, Board of Directors of the company, made the disclosure at its 39th Annual General Meeting in Nnewi, Anambra State on Friday.

Nwosu, whose address was read by the Company Secretary, Chinwendu Nwokporo, said that the amount represented growths of about 17percent and 29percent respectively.

He commended the management and staff and other stakeholders for the fair achievement.

“The Board is pleased to recommend a dividend of 10k per share which represents a 33.3percent increase in the amount paid last year.

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“This is a payment of N352 million as dividend compared to N264 million paid last year.

“Despite these 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,” Nwosu said.

According to him, the financial year 2022 was characterised by a very dynamic and challenging macro-economic environment brought about by the Omicron variant of the Covid-19 pandemic, 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 herdsmen/farmers clashes, rampant kidnappings and other violent crimes including armed robberies,” Nwosu added.

He, however, affirmed that the company is adapting to the ever-changing business environment which are compounded by difficult access to foreign exchange in spite of the very high prevailing rate brought about by the devaluation in the official rate of the Naira by the CBN.

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

Nwosu said that the management had resolved reintroducing the products of Adwitch PLC which the company acquired during the financial year 2021.

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