Cutix generates N3.7Bn from sale of cables, wires in twelve months

Cutix Plc’s audited full year financial statements has revealed the company grew revenue by 30 percent during the period.

The results for the 12 month period ended 30th April, 2017 submitted on the floor of the Nigerian Stock Exchange showed that revenue rose by 30 percent to close the period at N3.7 billion in contrast to N2.8 billion reported in 2016.

An analysis of the company’s revenue which comes from the sales of cables & wires, metal product and armoured cable indicates that Nnewi the second largest city in Anambra State in southeastern Nigeria accounts for the highest share of almost 60 percent of revenue realized, with N2.2 billion in sales.

Abuja and Aba were next, contributing 14 percent or N529.5 million and 11 percent or N414.5 million to the company’s full year revenue.

The company’s results also shows the company grew Profit After Tax (PAT) by 35 per cent.

The company, which is Nigeria’s foremost cable manufacturing company ended its full year with a profit after tax of N257.5 million, against N190.6 million recorded in the same period of 2016.

The company’s profit was buoyed by an 11 percent reduction in finance charges of N121.6million for the period in review against N137 million a year ago and a 2 percent reduction in depreciation costs that stood at N95.4 million as at April 2017 compared to N97.2 million in the previous year.

Profit before tax (PBT) increased by 33 percent to N370.1 million, from N278.1 million posted in 2016.

The company’s total assets grew by 23 percent to N2.3 billion, from N1.9 billion recorded in the corresponding period of 2016, while total liabilities grew by 28.8 percent to N1.3 billion from N870.2 million posted in 2016.

Shareholders’ funds also rose by 17 percent to N1.0 billion, against N870.2 million recorded in FY of 2016, as earnings per share rose by 35 percent to 29 kobo, from 22 kobo recorded a year ago.

Cutix Plc which traded at a loss of 4.94 per cent or 12 kobo on Monday to close at N2.31 on the NSE, is the first cable manufacturer in Nigeria to acquire a plastic compounding line and the first company east of the Niger to be quoted on the Nigerian Stock Exchange.