Cutix plc post 66% rise in profit for half year

Cutix plc post 66% rise in profit for half year

Cutix plc is reporting 66% increase in profit to NGN242.8 million for the second quarter of the year compared to NGN146.2 million recorded same period in the financial year 2016.

The company ended the period with NGN2.7 billion revenue in contrast to NGN1.6 billion posted in the previous year while gross profit was NGN802.7 million against NGN528.4 million in the year before.

Cutix plc ended the second quarter with NGN2.4 billion total assets in contrast to NGN2.1 billion in the year 2016 while total liabilities was NGN1.0 billion against NGN1.0 billion in the year before.

About Cutix plc

The idea for the Company was conceived in 1981, when Dr. (Engr.) Ajulu Uzodike decided to leave Raychem Corporation, a major international manufacturer of aircraft & military wires and accessories, to set up an indigenous firm to manufacture electrical cables and switchgear assemblies. 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 November 4, 1982 as a Private Limited Company, manufacturing electric cables and wires.

The amount of new capital raised by Cutix since inception to April 2013 stood at N440,330,511 from both the private and public bonuses. Through plough back of retained earnings into capital, the book value of her capital as at April 2013 stood at N598 million. The market value of the company was N1,286 million as at April 2013.