Cutix reports 117.6% increase in profit to N177m

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By Kayode Tokede

Cutix Plc, a Nigerian quoted firm which manufactures and markets electrical, automobile and telecommunication wires, cables and related products has released its second quarter (Q2) accounts for the period ended October 31, 2020

The company reported N473.3 million profit before tax in Q2 2020 as against N255.9 million reported in  Q2 2019, while profit after tax grew by 117.8 per cent to N307.6 million in Q2 2020 from N166.4million in Q2 2019.

Also from the profit & loss figures, the company’s revenue grew by 35.74 per cent to N3.31 billion in Q2 2020 from N2.43 billion reported in Q2 2019.

Cutix Nigeria reported a revenue of N5 billion in its financial statement for the year ended April 2020 down seven per cent from the N5.4 billion reported same period 2019.

Cutix makes Cables & Wires, Metal Product & Sales, Armoured Cable sales. Cables & Wire sales make up between 65per cent and 75 per cent of revenue depending on the performance of its armoured cable and wire business. During the year under review it reported a revenue of N3.7 billion from cables & wires and N3.6 billion in 2019. Its metal products & sales is nearly non-existent.

Cutix makes a huge chunk of its revenues from Nnewi where it is located. According to data from 2020 results, it earned N2.8 billion from its Nnewi operations. It also earns another one billion combined from Port Harcourt and Abuja with N529.3 million and N582 million respectively. In 2018 Cutix recorded over N3 billion in sales from Nnewi alone.

The company is also based in Nnewi, Anambra State.