Cutix Plc released its half-year 2022 results on Wednesday, November 30, 2022, reporting a pre-tax profit of N546.800 million. This represents a 4% increase from the N523.503 million the company reported during the same period in 2021.  Â
Revenue Â
- 2022 H1: N4.420 billion  Â
- 2021 H1: N3.491 billion Â
- Change: +27% Â
Gross Profit Â
- 2022 H1: N1.072 billion  Â
- 2021 H1: N1.023 billion Â
- Change: +4.78% Â
Operating profit
- 2022 H1: N605.904 million  Â
- 2021 H1: N595.312 million Â
- Change: +1.78% Â
Finance charges Â
- 2022 H1: N92.578 million  Â
- 2021 H1 N121.450 million Â
- Change: -23.77% Â
Pre-tax profit Â
- 2022 H1: N546.800 million Â
- 2021 H1: N523.503 million Â
- Change: +4% Â
Net Profit after tax  Â
- 2022 H1: N369.090 million Â
- 2021 H1: N356.056 million Â
- Change: +4% Â
Cash in hand Â
- 2022 H1: N4.097 billion Â
- 2021 Q3: N4.000 billion Â
- Change: +2.4% Â
Bottom line: The growth in pre-tax profits was due to the increase in revenue from the back cable and wire sales segment of the group despite inflationary pressure and a slim in the household wallet.Â
According to the financial statement of the company, the cable and wire sales segment contributed 62.64% growth of the revenue to N2.769 billion from N2.663 billion in 2021 while the Armored cable sales segment followed with 33.68% of the revenue with N1.489 billion from N805.802 million in 2021.Â