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BUSINESS & ECONOMYMANUFACTURING

Cutix Plc Records 50.04 Per Cent Growth In Pre-Tax Profit

Cutix Plc has reported 50.04 per cent growth in pre-tax profit for the full year ended July 31, 2015.

According the company’s filing with the Nigerian Stock Exchange, its Q4 profit before tax increased from N44.621 million in 2014 to N66.951 million.

The company’s revenue also increased by 15.74 per cent to N665.555 million during the full year 2015 from N575.023 million recorded during the comparable period of 2014. Cutix Plc had reported a 52.55 per cent drop in pre-tax profit during the third quarter (Q3) ended January 31, 2015. Its Q3 profit before tax decreased from N185.643 million in 2014 to N121.689 million, accounting for a drop of 52.55 per cent.

Its net earnings equally fell to N79.098 million, down 52.55 per cent from N120.668 million in the same period last year. However, the company’s revenue increased by 2.14 per cent to N1.721 billion during the nine months to January 31, 2015 from N1.684 billion recorded during the comparable period of 2014.

Speaking at the 31st Annual General Meeting (AGM), the Chairman of the company, Engr. David Ifezulike, noted that Cutix took advantage of the slight fall in prices of her major raw materials and increased efforts at selling. Disclosing that product counterfeiting was the company’s major setback, Ifezulike urged the Standards Organisation of Nigeria (SON) to increase its surveillance to curtail counterfeiters and also reduce the influx of substandard cables into the country.

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