Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Opinions Blurb

Cutix Plc rakes in N3 billion selling cables in Nnewi

Blurb Team @Nairametrics by Blurb Team @Nairametrics
July 21, 2020
in Blurb
Cutix Plc rakes in N3 billion selling cables in Nnewi
Share on FacebookShare on TwitterShare on Linkedin

Cutix Nigeria Plc reported a revenue of N5 billion in its financial statement for the year ended April 2020 down 7% from the N5.4 billion reported same period 2019.  Cutix is into the manufacturing and marketing of electrical, automobile and telecommunication wires, cables, and related products. The company is also based in Nnewi, Anambra State.

A breakdown of the company’s sales reveals it sells most of its products locally with over 50% of its revenues coming from Nnewi a thriving commercial town in Anambra State, South Eastern Nigeria. According to an analysis of its revenue by geographical location it sells its products Aba, Abuja, Warri, Enugu, Lagos, Nnewi, Port Harcourt, and Uyo.

READ MORE: Nigerians react as Anambra lawmakers reject Prado SUVs for Innoson SUVs

Cutix makes Cables & Wires, Metal Product & Sales, Armoured Cable sales. Cables & Wire sales make up between 65% and 75% of revenue depending on the performance of its armoured cable and wire business. During the year under review it reported a revenue of N3.7 billion from cables & wires and N3.6 billion in 2019. Its metal products & sales is nearly non-existent.

Cutix makes a huge chunk of its revenues from Nnewi where it is located. According to data from 2020 results, it earned N2.8 billion from its Nnewi operations. It also earns another one billion combined from Port Harcourt and Abuja with N529.3 million and N582 million respectively. In 2018 Cutix recorded over N3 billion in sales from Nnewi alone.

READ MORE: Company Profile: How profitable is Cutix Plc considering its dominance?

See breakdown from other states;

  • Aba – N224,3 million
  • Abuja – N582 million
  • Enugu – N221.3 million
  • Lagos – N223.25 million
  • Nnewi – N2.88 billion
  • Port Harcourt – N529.3 million
  • Uyo – N358.8 million

Nairametrics understands most of the products manufactured in Nnewi are also exported outside Nigeria by several wholesale and retain distributors who are mostly from the same town. This may have also contributed to the huge sales figure from Nnewi compared to other cities where it makes money from. Cutix did not report any direct sale to the Northern Parts of Nigeria. The company has over 18 major distributors with most of them located in the South East and Niger Delta areas. However, its distributors located in Jos and Katsina service its Northern customers.

READ MORE: Will Guinness Nigeria be squeezed as well ?

Why this matters: The bustling town of Nnewi is often referred to as the spare parts capital of Nigeria. The town boast of one the largest markets for trading of vehicle spare parts and electronics serving the entire eastern part of the country and the Niger Delta. Cutix over N3 billion per annum sales in Nnewi provides a useful insight into how big the Nnewi Market is as a major industrial hub in Nigeria.

READ ALSO: NNPC releases audited financial statements, refineries record losses of N154 billion

Cutix reported that it expects a revenue of N1.67 billion when it publishes its second quarter results. It also expects to post a pre-tax profit of N229.5 million. The company says its second quarter revenue will beat its first quarter results. Its share price has risen by 37% year to date and is one of the best performers this year.


Subscribe to Nairametrics Newsletter and get access read our periodic stock recommendations.

Related

Tags: Business NewsCompany Financial ResultsCutix PlcFeatured

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Eco Bank
Access Bank
Bankers Committee
First bank


Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Airbnb to close its domestic business in China
    • Court convicts former Reps member, Chuma Nzeribe of impersonation, forgery
    • NNPC, Sahara Group invests USD300m in gas carriers to drive clean energy access in Africa

    Follow us on social media:

    Recent News

    Airbnb, HotelTonight, Sheraton, Hospitality business

    Airbnb to close its domestic business in China

    May 23, 2022
    Court convicts former Reps member, Chuma Nzeribe of impersonation, forgery

    Court convicts former Reps member, Chuma Nzeribe of impersonation, forgery

    May 23, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com