By Chinenye Anuforo and David Onwuchekwa
Cutix Plc has announced its 2017 full year result with Profit Before Tax (PBT) rising by 33 per cent from N278 million in 2016 to N371 million just as Profit After Tax also grew by 36 per cent from N190 million in 2016 to N258 million in the review period.
The company’s revenue also grew by 30 per cent from N2.835 billion to N3.676 billion.
Speaking during the 34th Annual General Meeting (AGM) held in Nnewi, Chairman of the company, Dr. John Mbonu said, “The financial year 2017 impressive results were mainly due to increased operationally efficiency and cost optimisation.” He added that, “In the coming year the company plans to continue driving its current aggressive growth ambitions. Special focus will be on volume capacity expansion and accelerated profitability whilst remaining competitive in the market place.” In view of the good performance, the directors are recommending a dividend of 18 kobo per share which was approved by the shareholders.
Mbonu lamented that, “There is still a huge deficit in infrastructure of the country which must have to be addressed if the country is to attain its maximum development potentials. The net effect of this deficit is a general increase in the cost of doing business in Nigeria here is therefore an urgent need for the Federal Government of Nigeria to allocate a fair amount of capital expenditure for infrastructural development in the coming years. The issue of multiple- taxation has not fully been addressed by the federal and state governments”
The Chief Executive Officer of Cutix Plc, Mr. Ifeanyi Uzodike, explained that the company’s steady growth was as a result of prudent management and the cooperation of its dedicated staff. “This company cannot be where it is today without the hard work of its staff and management. God has been on our side and we have been able to pull through the troubled waters especially in recession. The management of this company has been very committed. The directors have not rested on their oars.”
The National Coordinator of Domicile Shareholders Association of Nigeria, Mrs. Shopeju Adetutu commented the management of the company. She said, “Cutix Plc is a company that Nigerians should be proud of. It has continued to pay dividends consecutively for the past ten years. When other companies are crying and shrinking Cutix is growing and making its shareholders proud. I want the management of the company to consider establishing factories outside Nnewi. It has quality brands and the market. Let it expand beyond Anambra State. The products are good. They are quality products that can sell anywhere. I also want every shareholder to use the products when they are building. They should try and advertise the products, tell their friends and relatives about the products”