Cutix reports 7% increase in profit to N139.44m in Q1

By  Kayode Tokede

Cutix Plc released its unaudited financial results for the first quarter of the year ended July 31, 2021 with profit after tax gaining seven per cent to close at N139.44 million from N130.45million reported in first quarter of 2020.

Profit before tax also gained two per cent to N205.06million in Q1 2021 from N200.68million reported in Q1 2020.

Revenue for the period was N1.86 billion, about 25.3 per cent increase from N1.48billion in Q1 2020.

As Cost of sales rose by 27.6 per cent to N1.39 billion in Q1 2021 from, administrative expenses also rose by 44.5 per cent to N188million.

Balance sheet revealed that total assets gained 22 per cent to N4.62billion in Q1 2021 from N3.78billion reported in Q1 2020. Total liabilities also rose by 13 per cent to N2billion from N1.77billion reported in Q1 2020.