Cutix Plc laments insecurity in South East as company nets N 1.1 bn profit, declares dividend of 10 kobo per share

AMAECHI PERCY ONYEJEKWE
AWKA

Cutix plc has lamented the insecurity in the South Eastern part of Nigeria , saying the situation was affecting businesses adversely.

The Chairman of Cutix plc, Chief Okwudili Nwosu who was flanked by founder of the company, Chief Ajulu Uzodike, the Chief Executive Officer, Mrs Ijeoma Oduonye and the company Secretary, Mrs Chinwendu Nwokporo, among other stakeholders stated this during the Annual General Meeting ( AGM) of the Cutix Plc held at the Anaedo Social Club Halll , Nnewi , at the weekend.

Nwosu said that the business environment in the 2022 fiscal year was adversely affected by the COVID-19 pandemic , the ongoing war between Russia and Ukraine which , according to him , has led to increase in price of copper by 3 . 5% and aluminum to 6 . 2 % among others at the International level , stressing that the insecurity in the South east which had given rise to kidnappings, murder and armed robbery in the geopolitical zone badly affected businesses in the fiscal year.

He noted that despite the daunting challenges Cutix Plc was able to advance forward and posted a turnover of over N 7 .8 billion with a net profit of N 1.1 billion in the 2022 fiscal year .
” Despite the challenging business environment and the intense competition witnessed in the industry , the company posted a Turnover of over N 7 . 8 billion with a Profit Before Tax of over N1 .1 billion which represent growths of about 17% and 29% respectively. We are thus grateful to our management and staff and other stakeholders for this fair achievement. Based on the provisions of our charter, the Board is pleased to recommend a dividend of 10 Kobo per share which represents a 33 . 3% increase in the amount paid last year. This is a payment of N 352 million as dividend compared to N264 million paid last year ” , the Cutix plc chairman said.

On future of the cables manufacturing company , Nwosu said Cutix plc would continue to sustain value of its assets by improving products quality , adding that the company would continue to pay increased dividends to it’s stakeholders and reintroduce the products of Adswitch Plc which it acquired in the 2021 fiscal year.