From David Onwuchekwa, Nnewi
Cutix Plc, is to diversify its products range by introducing new cable and non-cable products to get a bigger share of its market with the attendant profitability despite the negative impact of the coronavirus pandemic.
Chairman, Board of Directors of the company, Ambassador Okwudili Nwosu, disclosed this during the 37th virtual Annual General Meeting of the cable producer. He said the company would continue to maintain financial discipline over investment decisions, coupled with high standards of corporate governance and transparency. He added that strong commitment, sustainable business policies and effective management of risks would continue to be among the board’s core duties to shareholders.
The assurance is coming as the Company’s said it recorded a turnover of N5.025billion with a profit before tax of N585.5million for the 2020 financial year. The Chairman said this represented about 8 percent decline in turnover and 14 per cent decline in profit before tax over that of 2019.
“We sincerely apologise to you, fellow shareholders, for this poor performance as we have taken urgent proactive steps to ensure we do not offer excuses in future no matter the emergencies we encounter,” he said
He explained that the 2020 financial year which ended April 30 this year was particularly full of challenges for the company like every other. Nwosu noted that insecurity problems increased substantially with many cases of criminality in the North West, Boko Haram insurgency in the North East, farmers/herdsmen war in the North Central, armed robberies, kidnappings, rape and other violent crimes all over the nation.