Cutix Plc boosts half-year revenue by 27% through cable/wire sales

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.  

Revenue 

2022 H1: N4.420 billion  
2021 H1: N3.491 billion 
Change: +27%

Gross Profit 

2022 H1: N1.072 billion  
2021 H1: N1.023 billion 
Change: +4.78%

Operating profit

2022 H1: N605.904 million  
2021 H1: N595.312 million 
Change: +1.78%

Finance charges 

2022 H1: N92.578 million  
2021 H1 N121.450 million 
Change: -23.77%

Pre-tax profit 

2022 H1: N546.800 million 
2021 H1: N523.503 million 
Change: +4%

Net Profit after tax  

2022 H1: N369.090 million 
2021 H1: N356.056 million 
Change: +4%

Cash in hand 

2022 H1: N4.097 billion 
2021 Q3: N4.000 billion 
Change: +2.4%

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.

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.