Cutix Plc, Nnewi, Anambra State, has engaged in diversification of its products capability and range by introducing new cable and non-cable products to have a bigger share of the market with the attendant profitability despite the negative impact of the coronavirus pandemic that has jolted the world economy.
Chairman, Board of Directors of the company, Ambassador Okwudili Nwosu, disclosed this at the weekend during the 37th virtual Annual General Meeting of the cable producers. He said that the company would continue to maintain financial discipline over investment decisions, embedding high standards of corporate governance and transparency. He added that strong commitment, sustainable business policies and effective management of risks as among the duties owed the shareholders. For the company’s performance in the financial year 2020 which recorded a turnover of N5.03 billion with a profit before tax of N585,5 million, the chairman said this represented an eight per cent 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 and have taken urgent proactive steps to ensure we do not offer excuses in future no matter the emergencies we encounter, “ he promised.