Cutix PLC, a leading manufacturer of electric cables, has released its results for the financial year ended April 30, 2025, posting a profit before tax of N1.609 billion.
While it represents a marginal 1% decline from the N1.619 billion achieved in the previous year, the profit remains solid, driven by strong revenue growth.
Revenue for the year surged by 30% to N15.7 billion, up from N12.177 billion in the previous year.
The bulk of this came from the sales of cables and wires, which generated N11.8 billion, while armoured 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.
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.
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%.
Ifeoma Nwahiri, Chairman, Board of Directors, disclosed at the company’s 42nd Annual General Meeting on Saturday in Nnewi, Anambra state.
“We are actively working to ensure a significant improvement in profitability in the next financial year.
“The increase in revenue indicates growing demand and deeper market penetration, while our ongoing focus on strategic investments is designed to enhance future profitability,” she said.
Nwahiri, however, said that the period unfolded in a challenging landscape, marked by significant global and domestic economic developments that impacted business.
“Persistent inflationary pressures, foreign exchange volatility for essential raw materials, high interest rates, delays in processing foreign exchange through the CBN hindered production efficiency, rising energy costs and others continued to exert stress on manufacturing companies.
In Nigeria, policy changes introduced by the Federal Government led to macroeconomic adjustments that affected input costs and consumer purchasing power
“The Nigeria cable market also faced saturation from low-quality imported cables and insufficient regulatory monitoring, leading to confusion, hindering optimal sale of quality cables, and promoting unfair competition,” she added.
According to her, despite the headwinds, Cutix PLC demonstrated remarkable resilience, navigating macroeconomic difficulties with strategic discipline, strong market positioning, operational strength, and thaff dedication.
The Imo State University, Owerri law graduate commended the invaluable contributions and resolute support of the shareholders and fellow board members for continuously steering the company toward sustained growth and prosperity.
