Nigeria’s foremost cable manufacturing, Cutix Plc, has released its audited results for the full year ended 30th April 2017, showing a 35 per cent leap in Profit After Tax (PAT) at N257.5 million, against N190.6 million recorded in the same period of 2016.
The company’s profit was driven by an 11 percent slump 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.
Cutix’s results 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 showed that the sales of cables & wires, metal product and armoured cable accounted for the highest share at almost 60 percent with N2.2 billion 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.
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 currently priced at N2.43 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.
