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Cutix Plc records 18% increase in revenue

In spite of the challenging macroeconomic landscape, Cutix Plc, has reported a remarkable revenue growth of 18% for the financial year ended April 30, 2023.…

In spite of the challenging macroeconomic landscape, Cutix Plc, has reported a remarkable revenue growth of 18% for the financial year ended April 30, 2023.

As disclosed in the financial report available on the Nigerian Exchange Limited (NGX) website, the company 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%.

The Profit after Tax also demonstrated a positive trajectory, rising from N786.307 million in 2022 to N789.985 million in 2023, representing a growth of 0.47 %. Total assets rose markedly from N5.116bn in 2022 to N5.842bn in 2023 while capital expenditure rose from N250.881m in 2022 to N271.689m in 2023, representing an increase of 8%.

The directors of the company have recommended a dividend of 12 kobo per share for shareholder approval at the 40th Annual General Meeting on August 25. 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 N113m 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 street light on Osita Onyejianya Street and Rehabilitation Centre for the Disabled, Old and Tramps (RECDOT), among others. 

 

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