The Chairman of the Board of Directors, Cutix plc, Ifeoma Nwahiri, has stated that the company recorded a profit before tax of N1.609 billion for the financial year ending April 30, 2025, which represents a slight decline of one per cent from the N1.619 billion achieved in the previous year.

Addressing shareholders, stakeholders, fellow board members, and representatives of regulatory bodies at the 42nd Annual General Meeting of Cutix plc, held in Nnewi, Anambra State, on Wednesday, Nwahiri stated that the company’s leading electric cable manufacturing profit remains strong, supported by robust revenue growth and a solid foundation.

She also revealed that revenue for this year increased to N15.773 billion from N12.177 billion, representing a thirty per cent growth in the 2024 financial year, insisting that the growth shows a remarkable improvement to their strong market present and loyalty of their customers.

She further sad that this revenue growth came with a sharp rise in cost of sales, which jumped 38.39 per cent to N12.5 billion, compressing gross profit growth to just 3.63 per cent, at N3.2 billion, adding that the bulk of this came from the sales of cables and wires, which generated N11.8 billion, while armored cables contributed N3.8 billion, with other product lines.

The chairman, however, noted that various factors such as global and domestic economic development— including limited foreign exchange for purchasing necessary raw materials, high interest rates, multiple taxation, rising energy costs, flooding markets with imported low-quality cables, and supply chain disruptions— impacted the company’s business.

“Despite these problems, Cutix Plc made significant and remarkable improvements in sales and revenue generation, which is due to strategic discipline, strong market positioning and dedication of our workforce.

“Diversification is ongoing, but we have a lot of products we intend to drive into the market. We want to revive some products and also add some add-ons through outreach, and that is what we hope to get out this year and into the future.

“We all know there are challenges facing the industry. At Cutix, we focus on solutions, … what is important is how we are able to navigate through them and take advantage of those challenges,” she said.

Nwahiri added, “There is a possibility that the world will one day stop using cables, and as a result, cable companies should start looking at what the future brings, as technology is advancing very fast. Now, we have the fibre optics, which may soon replace the cables. People should know this, and prepare to bring in new product that will be able to match the future.”

Nwahiri added that the company is working to see “how we can position ourselves even better and reintegrate backwards to a point where it is not just about the cable, but about electrical energy.”

While commending the shareholders for their efforts at lifting the company through the tough economic hardship to achieve much success, she urged them to continue their commitment and promotion of the brand, reminding them that they are the owners of the company.