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Cutix PLC reports 13% increase in pre-tax profit as cable and wire revenue climbs 

Cutix Plc, dividend, CUTIX, VERITASKAP Lead Gainers as NGX ASI gain N5 billion

Cutix PLC reported a pre-tax profit of N764 million for the period from May 1 to October 31, 2024, up from N673.4 million reported the previous year.

This reflects a 13.46% increase, with the company’s post-tax profit also climbing by 13.72%, reaching N514.1 million.

During the reported period, revenue surged to N7.8 billion, up from N5 billion in 2023, driven by a robust increase in cable and wire sales.

Additionally, total assets grew by 11.7% year-over-year, reflecting steady progress in the company’s financial position.

Key highlights  

  • Revenue: N7.8 billion, +54.37% YoY
  • Cost of sales: N6.4 billion, +74.30% YoY
  • Gross profit: N1.3 billion, +0.39% YoY
  • Operating profit: N605.8 million, -21.21% YoY
  • Finance cost: N151.1 million, -2.85% YoY
  • Other income: N309.2 million, 415.52% YoY
  • Pre-tax profit: N764 million, 13.46% YoY
  • Post-tax profit: N514.1 million, 13.72% YoY
  • Earnings per share: N7.30, -43.2% YoY
  • Total Assets: N7.5 billion, 11.7% YoY

Commentary 

A cursory look at Cutix’s financial results shows that ‘other income’ played a key role in the reported pre-tax profit, as high costs of sales dampened the full impact of income from the company’s main revenue sources.

Assets and liabilities position: 

Between October 31, 2023, and October 31, 2024, Cutix PLC’s total assets increased from N6.76 billion to N7.55 billion, driven by growth in inventories and a slight rise in non-current assets.

The company reduced its long-term borrowings, leading to a decrease in non-current liabilities, while current liabilities increased due to higher short-term borrowings and trade payables.

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