Cutix grows Q3 revenue by 31.71% to N2.77 billion

Shareholders of Cutix Nigeria Plc, Nigeria’s foremost cable manufacturing company , have course to look forward to brighter investment future as the company appears to be emerging into a profitable era.

This was justified by the company’s third quarter result for the period ended January 31st 2017 recently released to the Nigerian Stock Exchange (NSE) which reflected growth in key performance indices.

The result showed that revenue rose significantly by N665.67 million or 31.71 per cent to close the period at N2.77 billion. N2.10 billion was reported in the corresponding period of 2016.

Profit before tax(PBT) swelled by N202.99 million or 98.32 per cent to N409.45 million, from N206.46 million posted in 2016 third quarter. The growth manifested in Profit After tax which also grew by 98.32 per cent or N131.95 million to N266,144 million, against Nn134.20 million in the Q3 2016.

f”For the third quarter ended January 31 2017, the company’s total; assets grew by 23.87 per cent to N2.18 billion, from N1.80 billion recorded in the corresponding period of 2016.
The results further showed that total liabilities grew by 16.05 per cent to N1.01 billion from N872.99 million posted in the third quarter 2016, while the value of the company’s net assets rose by 31.58 per cent to N1.17 billion, against n886.12 million recorded in Q3 of 2016
Income tax for the period stood at N143,308 million from N72.261 million in 2016 Q3, accounting for N71.05 million or 98.32 per cent growth.
Earnings per share also rose by 98.30 per cent to 30 kobo, from 15kobo posted in 2016 third quarter, reflecting growth by 14.98 kobo.

Cutix Plc, Nigeria’s indigenous firm to manufacture electrical cables and switchgear Assemblies Company was conceived in 1981 by Engr Ajulu Uzodike , having left Raychem Corporation, a major international manufacturer of aircraft & military wires and accessories.

Adtec Ltd, a venture capital and management firm, which was incorporated in 1978, started the two projects as separate divisions in 1982. CUTIX PLC was incorporated on 4th November 1982 as a Private Limited Company, manufacturing electric cables and wires.

Currently, Cutix Plc is developing a new power plant where power cable of all sizes in low voltage varieties of PVC, PE and XLPE will be produced.

The plan, according to the company is to build up capacity for accommodation of increasing market demand. The plant has become fully operational since April 2014 and churning out products in high demand such as for underground installations for LV, Interference free Control signals, above 100ACSR long span high tension transmission among others.