Cutix records over N6.7bn turnover, N899m PBT
From left: Founder of Cutix Plc, Engr. Dr. Ajulu Uzodike and two a pioneer shareholders at the 38th Annual General Meeting of Cutix Plc.
From right: Ambassador Okwudili Nwosu, Chairman Board of Directors; Mrs Ijeoma Oduonye, Chief Executive Officer, and Mrs. Ifeoma Nwahiri, Non Executive Director, all of Cutix Plc.

*… declares dividend and bonus

By Chimaobi Nwaiwu, NNEWI

Cutix Plc Nnewi, Anambra State, said they realized a turnover of over N6.7 billion and a profit before tax of over N899 million, which represent growths of about 34% and 54% respectively.

The company has also declared a dividend of 15 kobo per share which represents a 20% increase in the amount paid in 2020, just as it has declared a bonus issue of one ordinary share for every ordinary share held to all existing shareholders.

The Chairman, Board of Directors of the company, Ambassador Okwudili Nwosu, disclosed this during the 38th Annual General Meeting of the Cutix Plc, held by proxy at the Company’s head office at Umuanuka, Otolo Nnewi, Anambra State.

He said that in spite of 2021 begging with enormous challenges, with prevalent insecurity which began with the insurgency in the Northeast which rapidly exacerbated with the herdsmen/farmers clashes, rampant kidnapping, cattle rustling and other violent crimes the company has continued to power and illuminate the world.

He noted that the effect of the Corona Virus, COVID-19 and the attendant lockdown are still with the country, but assured that they are ensuring that they get back to their normal operations, while regaining lost ground quickly.

“Our company is adapting to the emerging challenges in the business environment which are compounded by the increasing difficult access to foreign exchange despite the very high prevailing rate brought about by devaluation of the official rate of the Naira by the Central Bank of Nigeria.

“We are not oblivious to the fact that there are still prospects to be exploited within the economy. We remain committed to sustaining the increasing value of our assets by productivity improvements leading yo higher profitability and better returns on equity to shareholders.

“We intend to expand our products range and local value added. We will also diversify by reintroducing the products of Adswitch Plc which we acquired within the financial year.

“We intend to maintain our pledge to continue to pay you increasing dividends annually, issue bonus share every three years and build more market value for the company.”

Chief Executive Officer of the company, Mrs. Ijeoma Oduonye, attributed the good performance of the company to being focus and determined, because they set out their target for every financial year.

She regretted that multiplicity of taxation, harassment, and menace from touts is really biting deep into the continence of doing business in this part of the country.

“It cost me more than a million naira to bring down a 20 feet container laid from Lagos to Nnewi, so if you compare it with those that are close to Lagos Wharf, you see that I am already in a disadvantaged position.”

Two non executive directors of the company, Ambassador Okwudili Nwosu, who is the Chairman, Board of Directors, and Mrs. Ifeoma Nwahiri were reelected into the board, while a new non executive director, Prince Charles Orizu was elected into the board.

Cutix Plc, founder by Dr Ajulu Uzodike, and engineer, is the first private manufacturing company East of Niger to be quoted on the Nigerian Stock Exchange.

Vanguard News Nigeria

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