Cutix Plc, an electric cable manufacturer, has reported a pre-tax profit of N1.2 billion for the period ended 31st January 2025, up from N1.1 billion during the same period the previous year.
This represents a 12.29% increase year-over-year, as outlined in its financial statements published on the Nigerian Exchange (NGX).
The company also experienced a revenue increase of 40.43%, reaching N11.8 billion compared to N8.4 billion reported last year, with Cables and Wire Sales making up 77% of total revenue.
Additionally, Cutix Plc’s total assets rose by 14.90% year-over-year to N8.1 billion, up from N7 billion the previous year, indicating an improvement in the company’s financial standing.
Key highlights
- Revenue: N11.8 billion, +40.43% YoY
- Cost of Sales: N9.5 billion, +52.59% YoY
- Gross Profit: N2.2 billion, +4.7% YoY
- Selling and Distribution Expenses: N134.1 million, -12.98% YoY
- Administrative Expenses: N885.3 million, +22.36% YoY
- Operating Profit: N1.2 billion, -3.25% YoY
- Other Income: N311.8 million, +182.37% YoY
- Finance Cost: N263.7 million, +9.07% YoY
- Pre-tax: N1.2 billion, +12.29% YoY
- Total Assets: N8.1 billion, +14.90% YoY
Commentary
Cutix Plc reported a revenue increase of 40.43%, reaching N11.8 billion compared to N8.4 billion the previous year.
- Cables and Wire Sales contributed significantly, amounting to N9.1 billion and representing 77.1% of total sales, while Armored Cable Sales accounted for N2.6 billion, or 22.6%.
- Despite this revenue growth, the company faced a substantial rise in sales costs, which surged by 52.59% year-over-year to N9.5 billion, up from N6.2 billion.
- Nevertheless, Cutix managed a slight increase in gross profit of 4.7%, totaling N2.2 billion compared to N2.1 billion in the previous year.
The company reduced its selling and distribution expenses to N134.1 million from N154.1 million last year, with a notable portion allocated to advertising and promotions, amounting to N72.9 million.
- However, administrative expenses rose by 22.36%, reaching N885.3 million, compared to N723.5 million in 2023.
Other income demonstrated significant growth, climbing by 182.37% year-over-year to N311.8 million, up from N110.4 million, with sales of scrap contributing a substantial N293.7 million.
- On the downside, finance costs increased by 9.07% to N263.7 million, largely driven by interest on commercial papers.
Ultimately, Cutix Plc’s pre-tax profit reached N1.2 billion, reflecting a 12.29% increase from N1.1 billion reported the previous year.
Assets position
As of 31st January 2025, Cutix Plc reported a year-over-year growth in total assets of 14.90%, reaching N8.1 billion compared to N7 billion the previous year.
- Non-current assets experienced a notable increase, rising from N1.2 billion to N2.3 billion, primarily driven by investments in property, plant, and equipment.
- Current assets totaled N5.7 billion, with inventories accounting for N4 billion and trade and other receivables comprising N1.4 billion.
