Cutix grows Q3 revenue to N2.77 billion

Cutix Nigeria Plc, Nigeria’s foremost cable manufacturing company ,may have reinforced positive sentiment on the company with its buoyant third quarter result for the period ended January 31.

The company’s third quarter result recently released to the Nigerian Stock Exchange (NSE) showed growth in key

indices.

According to the result, revenue grew 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.

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, 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 4^th November 1982 as a Private Limited Company, manufacturing electric cables and wires.