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Cutix targets N20b revenue, N3.6b profit in 2025

By Helen Oji
14 November 2022   |   2:45 am
Cutix Nigeria Plc has projected a revenue increase of N12 billion for 2023, N15.6 billion for 2024 and N20.3 billion for 2025 financial year.

Cutix Nigeria Plc has projected a revenue increase of N12 billion for 2023, N15.6 billion for 2024 and N20.3 billion for 2025 financial year.

The company also disclosed that it is targeting a profit before tax (PBT) of N2.1 billion for 2023, N2.8 billion for 2024 and N3.65 billion for 2025.

At the company’s ‘Facts Behind the Figures’ to mark the 40th-anniversary celebration in Lagos, the Managing Director and Chief Executive Officer of the company, Ijeoma Oduonye, also stated that the company’s revenue grew from N3.2 billion in 1987 to N30 billion in 2022.

According to her, the firm’s profit before tax appreciated from N111 million to N3.996 billion in 2022 while gross dividends rose from N2.9 million in 1992 to N1.215 billion in 2022.

Oduonye said the cables and wires manufacturing company commenced commercial operation in 1984 with a capital of N400, 000 and thereafter raised N1.6 million through an Initial Public Offer (IPO) in 1987.

She said the firm’s share capital has currently grown to N1.76 billion through the issuance of bonus shares.

Oduonye linked the company’s improved performance to its innovativeness and strategic business model, which has enabled it to consistently deliver good returns on investment to shareholders.

She said the company was able to achieve this remarkable performance despite the turbulent macroeconomic environment, an influx of sub-standard cables and wires, unavailability of forex, unfriendly government policies, multiplicity of taxes, port congestion and a dearth of qualified technical manpower.

She explained that the company’s annual profit after tax has increased consistently over the years as well as the value of annual dividends received by investors, adding that the company has also declared bonus issues almost every three years in the ratio of one for one, one for two, and one for three shares held.

She described Cutix as “a quintessential stock and the best example of a well-managed indigenous company in Nigeria as its performance history showed that it outperformed the overall NGX market in return by over seven times.”

Oduonye remarked that because dividends have been declared every year since 1989 till date, consequently, N1,040 invested in the stock 35 years ago would have grown to N1,925,042.88 presently.