Cutix Plc has been described as the best-kept secret stock of the Nigerian stock market, outperforming the overall NGX market in return by over seven times.
The company made returns on investment of 185,000 per cent compared to the Nigerian All-share index of 22,870 per cent.
Managing Director and Chief Executive Officer (MD/CEO) of Cutix Plc, Mrs. Ijeoma Oduonye, who disclosed this said the company has proven to be a must have in every investment portfolio because of its remarkable performance and returns to shareholders over the years.
Oduonye declared this while commenting on the company’s performance at the Facts Behind the Figures programme at the Nigerian Exchange (NGX) Limited as part of activities to mark the 40th anniversary celebration of the company.
Oduonye remarked that because dividends have been declared every year since 1989 till date, consequently, N1,040 invested on behalf of a new baby 35 years ago would have grown to N1,925,042.88 today and N5,200 invested by a youth corps member 35 years ago would have appreciated to the value of N9,625,246.44 presently.
She said the company’s revenue grew from N3.2 billion in 1987 to N30bn in 2022 while its profit before tax appreciated from N111 million to N3.996bn in 2022, adding that in the same manner, gross dividends rose from N2.9m in 1992 to N1.215bn in 2022.
The company has projected revenue of N12bn for 2023, N15.6bn for 2024 and N20.3bn for 2025 and PBT of N2.1bn for 2023, N2.8bn for 2024 and N3.650bn for 2025.
Cutix Plc commenced commercial operation in 1984 with a capital of N400,000 and thereafter raised N1.6m through an Initial Public Offer (IPO) in 1987.
Currently, the share capital has grown to N1.76bn through the issuance of bonus shares.