Cutix Grows Revenue By 18%

In spite of the challenging macroeconomic landscape, Cutix Plc, has declared a growth of 18 per cent in its revenue for the financial year ended April 30, 2023.

The Company in its financial report available on the Nigerian Exchange Limited (NGX), it achieved a substantial revenue of N9.248 billion in 2023 as compared to N7.867 billion in the corresponding period of 2022, representing a growth of 18 per cent.

The profit after tax rose from N786.307 million in 2022 to N789.985 million in 2023, representing a growth of 0.47 per cent. Total assets rose from N5.116 billion in 2022 to N5.842 billion in 2023, while capital expenditure rose from N250.881 million in 2022 to N271.689 million in 2023, representing an increase of eight per cent.

The directors of the company recommended a dividend of 12 kobo per share for shareholder approval at the 40th Annual General Meeting on August 25, 2023. The total dividend payable, if approved by the shareholders is N422.717 million and is subject to deduction of withholding tax at the rate applicable at the time of payment.

As part of its corporate social responsibility, Cutix Plc during the 2023 financial year donated N113 million as educational, medical assistance and security assistance to Nnewi community, sponsorship of 2022/2023 ENIC tennis league, construction of Osita Onyejianya Street (Cutix access road), installation of streetlight on Osita Onyejianya Street and Rehabilitation Centre for the Disabled, Old and Tramps (RECDOT), among others.

Also, the Board of Directors has finalised preparations to recognise and honour Ambassador Okwudili Nwosu, the co-founder and chairman of the Company, for his exceptional dedication spanning over 41 years of service.

The Company, in a statement, announced plans for a grand event to honour Nwosu after the 40th Annual General Meeting of the Company in Anambra State.

Cutix stated that “throughout his tenure with Cutix, Nwosu has undertaken various significant positions, including Project manager, general manager, deputy managing director, and ultimately, managing director; a role he held until his retirement in 1994.

“His unwavering dedication and strong leadership were evident through his consistent presence on the Board of Directors from 1983 to 2011 when he assumed the role of chairman from 2011 to 2012.

“He resigned his position as chairman when he was appointed the Nigerian Ambassador to Burundi by then President Goodluck Jonathan; a position he held with distinction from 2012 to 2015. Following his return, Nwosu was elected to the Board in 2016 as a non-executive director, subsequently taking on the mantle of chairman in 2018.”

Cutix Plc was incorporated on November 4, 1982 as a private limited liability company. It was quoted on the second tier of the Nigerian Exchange on August 12, 1987, and later migrated to the first tier of the Exchange on February 18, 2008. The price per share of the Company as at April 28, 2023 was N2.25.