Cutix Reports 28% Growth In FY Net Earnings

 28% Growth In FY Net Earnings

Cutix Plc has posted 27.71 per cent growth in net earnings for the full year ended April 30, 2016. According the company’s filing with the Nigerian Stock Exchange (NSE), its full year profit after tax increased from N149.209 million in 2015 to N190.551 million, indicating for a growth of 27.71 per cent.

The company’s profit before tax equally grew by 37.61 per cent to N278.114 million in 2016 as against N202.107 million in 2015, while revenue also increased by 20.24 per cent to N2.835 billion during the financial year ended April 2016, from N2.358 billion recorded during the comparable period of 2015.

Cutix posted 69.66 per cent growth in net earnings for the third quarter ended January 31, 2016. Its Q3 profit after tax increased from N79.098 million in 2015 to N134.198 million, depicting for a growth of 69.66 per cent.

The company’s profit before tax equally grew by 69.66 per cent to N206.459 million in 2016 as against N121.689 million in 2015, while revenue also increased by 21.96 per cent to N2.099 billion during the nine months ended January 2016 from N1.721 billion recorded during the comparable period of 2015.

The Chairman of Cutix Plc, David Ifezulike, had called on the National Assembly to review the local content Act to cover other segments such as power, building, construction and automobiles for better result.

Ifezulike who made this call in a an interview in Lagos, enjoined the Nigerian Content Development and Monitoring Board (NCDMB) and the Cable Manufacturers Association of Nigeria (CAMAN) to work as a team to ensure that the cable manufacturing companies benefit from the local content Act in the oil and gas sector as intended.

The chairman noted that despite the political and economic activities in the country in 2015, which impacted negatively on cable manufacturing sector, the company recorded a five per cent growth in revenue.

He appealed to the officials’ of Standard Organisation of Nigeria (SON) to ensure effective control of the influx of substandard products and cables in particular into the country.

Show original message He said that product counterfeiting was the company’s major setback, urging the SON to increase her surveillance to curtail counterfeiters and also reduce the influx of substandard cables into the country.