CUTIX Plc grows Q2 profit by 63.03 % to N242.85m
Cutix Nigeria Plc continues to challenge the prevailing harsh operating environment, as it closed second quarter 2017 on profitable note,
The company’s result for the Q2 2018 financial year period ended 31 October ,2017, showed improvement in earnings, just as the prospects remains brighter and good for the remaining quarters to record better earnings consecutively, coming from 18 kobo dividend payment t for the 2017 financial year.
The 18 dividend paid by the company in 2017, was however, higher than 16 kobo dividend paid to shareholders in 2016.
Cutix Plc is a communication and energy wire and cable manufacturing firm, which specialises in the manufacture of a wide-range of electrical wires and cables with exclusive high quality-patronised by the Power Holdings Company of Nigeria (PHCN).
According to the result released by the Nigerian Stock Exchange (NSE) on Thursday, Cutix in Q2 grew profit before tax by 66.03 per cent or N148, 584 to N373, 616 million from N225, 032m recorded in Q2 2016.
The result also showed that profit after tax (PAT) also grew by 66.03 per cent or N96,579 to close the period at N242,850m, against N146,271m PAT recorded in second quarter 2016. During the period under review, the company paid higher tax of N130, 766m, while in the corresponding period of 2016, N78, 761m was dispense at tax.
The company’s total asset rose to N2,447,276 from N2,196,736 in 2016 Q2 , indicating growth by N250,540m or 11.41 per cent, furthermore, Total liabilities rose to N1,063,798 from N1,090,736 , indicating N26,938 or 2.47 per cent increase.
Capital expenditure ballooned to N108, 791 from N12, 466, reflecting N96, 325 or 772.70 per cent growth.
The result showed that during the period, earning per share grew by 10.58 or 62.21 per cent in second quarter to 28 kobo from 17 kobo in the same period of 2016.
Cutix Plc revenue for the period grew by 67.71 per cent or N1, 099,651 to N2, 723,740, which was however against N1, 624,089 posted in the same period of 2016.
Stories by Bonny Amadi
