Cutix Plc, a leading manufacturer of electric cables, has released its results for the financial year ended April 30, 2025, posting a pre-tax profit of N1.609 billion.
While it represents a marginal 0.60% decline from the N1.61 billion posted in the previous year, the profit remains solid, driven by strong revenue growth.
Revenue for the year surged by 29.52% to N15.7 billion, up from N12.1 billion in the prior year.
- The bulk of this came from the sales of cables and wires, which generated N11.8 billion, while armored cables contributed N3.8 billion, with other product lines accounting for the remainder.
However, this revenue growth came with a sharp rise in cost of sales, which jumped 38.39% to N12.5 billion, compressing gross profit growth to just 3.63%, at N3.2 billion.
Administrative expenses also climbed significantly, rising to N1.4 billion from N1.07 billion a year earlier.
This increase weighed on the company’s operating profit, which declined 15.24% to N1.5 billion, compared to N1.8 billion in the previous year.
Finance costs continued to mount, reaching N440.2 million, up from N342.2 million, driven by interest payments on term loans, commercial papers, and overdrafts. Despite these pressures, Cutix still managed to hold pre-tax profit steady at N1.609 billion.
- On the balance sheet side, total assets rose to N8.6 billion, reflecting a 19.25% year-on-year growth.
- However, retained earnings saw a steep drop of 64.27%, settling at N730.2 million.
Key highlights:
- Revenue: N15.7 billion (+29.52% YoY)
- Cost of Sales: N12.5 billion (+38.39% YoY)
- Gross Profit: N3.2 billion (+3.63% YoY)
- Administrative Expenses: N1.4 billion (+39.36% YoY)
- Operating Profit: N1.5 billion (−15.24% YoY)
- Finance Cost: N440.2 million (+28.63% YoY)
- Pre-tax Profit: N1.6 billion (−0.60% YoY)
- Total Assets: N8.6 billion (+19.25% YoY)
As of market close on July 25, 2025, shares of the company were priced at N4.10, reflecting a year-to-date gain of 78.3%.
