Cutix Plc records N7.8b turnover, N1.1b profit
Lists Effects Of COVID-19, Insecurity On Operations
The Chairman, Board of Directors, Cutix Plc, Amb. Okwudili Nwosu has announced that the company posted a turnover of over N7.8billion and profit before tax of over N1.1billion for the financial year ended on April 30, 2022.
Speaking at the 39th Annual General Meeting of the company held in Nnewi, Anambra state, Nwosu said that the turnover and profit before tax represents growths of about 17 percent and 29 percent respectively, despite tense competition witnessed in the industry.
He also disclosed that the board has recommended a dividend of 10k per share, which represents a 33.3 percent increase in the amount paid last
year, adding, “this is a payment of N342 million as compared to N264 million paid last year.”
He, however, explained that the financial year 2022 was difficult and characterised by a dynamic and challenging macro-economic environment brought about by the Coronavirus (COVID-19) pandemic globally, which started ravaging the world beginning in late 2019 in China, rapidly spreading all over the world and had impact on the performance of the company.