From Isaac Ojo Nnewi
CUTIX Plc has posted a profit of N440.3m after tax in the company’s financial year 2018 which ended on 30th April.
The outgoing Chief Executive Officer(CEO) of the company, Mr Ifeanyi Uzodike stated this yesterday during a pre annual general meeting press briefing which held at the headquarter of the cable manufacturing outfit in Otolo-Nnewi, Anambra state.
He said that the profit after tax grew from N78.3m in year 2017 to N440.3m in 2018 while profit before tax moved from N134.1m to N661.6m in the same period.
Mr Uzodike who took over as the CEO of CUTIX Plc in the beginning of the second half of FY2009 said the revenue of the company has equally moved N1.32b to N5.1b and that the net asset has also increased from N400.1m to N1.3b under the same period under review.
The dividend payout he pointed grew from N63.4m to N178.1m which he pointed out represented a modest growth during the period he was the CEO of CUTIX Plc, noting that the overall performance of the outfit was fair considering the economic situation of the country.
The CEO designate, Mrs Ijeoma Oduonye who said the company has two hundred and fifty staffers expressed satisfaction that the cable manufacturing outfit is still afloat when many companies have gone under.
She attributed the success story of CUTIX Plc to prudent management of resources of the management of the company noting that the government patronage has equally improved tremendously as the Anambra state government street lighting initiative is powered by CUTIX.
Mrs Oduonye however wants the government and her agencies to as a matter of urgent national importance check the influx of substandard products into the cable market and as well improve power supply to reduce over reliance on generators which is monumentally increasing the cost of production.
CUTIX Plc’s annual general meeting holds on 26th October 2018 in Nnewi, Anambra state.