CUTIX Plc, a renowned manufacturer and supplier of house wire cables and other electrical appliances, posted an increased revenue of N1.83 billion for Q2 2020 , +57.8%.
This is according to the firm’s recent financials sent to the Nigerian Stock Exchange, and seen by Nairametrics.
Key highlights for the Q2 2020
- Pre-tax profit leapt to N272.6 million, +277.52% Y-o-Y.
- Profit After tax also increased to N177.19 million, +277.5% Y-o-Y.
- Cost of sales increased to N1.35 billion, +57% Y-o-Y.
- Gross profit increased to N479.34 million, +57% Y-o-Y.
- Distribution costs declined to N37.5 million, -7.4% Y-o-Y.
- Administration expenses declined to N143.91 million, -8% Y-o-Y.
- Finance costs declined to N35.1million, -21.2% Y-o-Y.
- Income tax expense increased to N95.4 million, +277.515 Y-o-Y.
- Earnings per share massively gained 233.3% Y-o-Y, to finish at N10
(READ MORE: Export of our products in West African sub-region now less competitive – MAN)
Bottom line
The firm posted growth in key financial metrics such as its revenue, PAT and PBT, amongst others, which indicates that it was able to manage its costs and maximize profit.
