Cutix Declares 18% Increase in Revenue as Shareholders Get N0.12 Dividend

Kayode Tokede

In spite of the challenging macroeconomic landscape, Cutix Plc has reported a remarkable revenue growth of 18per cent for the financial year ended April 30, 2023.

As disclosed in the financial report available on the Nigerian Exchange Limited (NGX), the company achieved a substantial revenue of N9.25 billion in 2023 as compared to N7.87 billion in the corresponding period of 2022, representing a growth of 18per cent.

Key contributing factors to revenue include N5.9billion revenue from cable and wires in 2023 from  N5.75billion in 2022, while revenue from Armoured Cable stood at N3.2billion in 2023, a growth of 54.5per cent from N2.07billion reported in  2022. 

From the group’s profit & loss figures, profit before tax increased to N1.19billion in 2023, a growth of three per cent from N1.16billion in 2022.

The group’s profit after tax also demonstrated a positive trajectory, rising from N786.31 million in 2022 to N789.99 million in 2023, representing a growth of 0.47 per cent.

From balance sheet position, the group’s total assets rose markedly from N5.116 billion in 2022 to N5.842 billion in 2023 while capital expenditure rose from N250.881 million in 2022 to N271.689 million in 2023, representing an increase of eight per cent.

The group also disclosed N3.17billion total equity in 2023, an increase of 17 per cent from N2.7billion reported in 2022. 

The Directors of the company recommended a dividend of 12 kobo per share for shareholder approval at the 40th Annual General Meeting on August 25, 2023.

The total dividend payable, if approved by the Shareholders, is N422.717 million and is subject to deduction of withholding tax at the rate applicable at the time of payment.

As part of its corporate social responsibility, Cutix during the 2023 financial year donated N 113 million as educational, medical assistance and security assistance to Nnewi community, sponsorship of 2022/2023 ENIC tennis league, construction of Osita Onyejianya Street (Cutix access road), installation of streetlight on Osita Onyejianya Street and Rehabilitation Centre for the Disabled, Old and Tramps (RECDOT), among others.

Cutix was incorporated on November 4, 1982 as a private limited liability company. It was quoted on the Second Tier of the Nigerian Stock Exchange on August 12, 1987, and later migrated to the First Tier of the Exchange on February 18, 2008.

The price per 50k share of the company as at August  17, 2023 was at N2.67.