Cutix achieves 12% rise in pre-tax revenue amid surge in cable and wire gross sales 

Cutix Plc, an electrical cable producer, has reported a pre-tax revenue of N1.2 billion for the interval ended thirty first January 2025, up from N1.1 billion throughout the identical interval the earlier yr.

This represents a 12.29% enhance year-over-year, as outlined in its monetary statements revealed on the Nigerian Trade (NGX).

The corporate additionally skilled a income enhance of 40.43%, reaching N11.8 billion in comparison with N8.4 billion reported final yr, with Cables and Wire Gross sales making up 77% of whole income.

Moreover, Cutix Plc’s whole belongings rose by 14.90% year-over-year to N8.1 billion, up from N7 billion the earlier yr, indicating an enchancment within the firm’s monetary standing.

Key highlights 

• Income: N11.8 billion, +40.43% YoY
• Price of Gross sales: N9.5 billion, +52.59% YoY
• Gross Revenue: N2.2 billion, +4.7% YoY
• Promoting and Distribution Bills: N134.1 million, -12.98% YoY
• Administrative Bills: N885.3 million, +22.36% YoY
• Working Revenue: N1.2 billion, -3.25% YoY
• Different Revenue: N311.8 million, +182.37% YoY
• Finance Price: N263.7 million, +9.07% YoY
• Pre-tax: N1.2 billion, +12.29% YoY
• Whole Belongings: N8.1 billion, +14.90% YoY

Commentary 

Cutix Plc reported a income enhance of 40.43%, reaching N11.8 billion in comparison with N8.4 billion the earlier yr.

• Cables and Wire Gross sales contributed considerably, amounting to N9.1 billion and representing 77.1% of whole gross sales, whereas Armored Cable Gross sales accounted for N2.6 billion, or 22.6%.
• Regardless of this income progress, the corporate confronted a considerable rise in gross sales prices, which surged by 52.59% year-over-year to N9.5 billion, up from N6.2 billion.
• However, Cutix managed a slight enhance in gross revenue of 4.7%, totaling N2.2 billion in comparison with N2.1 billion within the earlier yr.

The corporate diminished its promoting and distribution bills to N134.1 million from N154.1 million final yr, with a notable portion allotted to promoting and promotions, amounting to N72.9 million.

• Nonetheless, administrative bills rose by 22.36%, reaching N885.3 million, in comparison with N723.5 million in 2023.

Different earnings demonstrated vital progress, climbing by 182.37% year-over-year to N311.8 million, up from N110.4 million, with gross sales of scrap contributing a considerable N293.7 million.

• On the draw back, finance prices elevated by 9.07% to N263.7 million, largely pushed by curiosity on business papers.

In the end, Cutix Plc’s pre-tax revenue reached N1.2 billion, reflecting a 12.29% enhance from N1.1 billion reported the earlier yr.

Belongings place 

As of thirty first January 2025, Cutix Plc reported a year-over-year progress in whole belongings of 14.90%, reaching N8.1 billion in comparison with N7 billion the earlier yr.

• Non-current belongings skilled a notable enhance, rising from N1.2 billion to N2.3 billion, primarily pushed by investments in property, plant, and gear.
• Present belongings totaled N5.7 billion, with inventories accounting for N4 billion and commerce and different receivables comprising N1.4 billion.