CUTIX PLC POSTS BEFORE TAX OF N5.1 BILLION PROFIT IN FY 2018

Cable manufacturing company, CUTIX Plc, Nnewi, has posted a revenue and profit before tax of N5.1 billion and N661.6 million respectively in first quarter (FY) 2018 which ended in April 30, 2018.

Ifeanyi Uzodike, Chief Executive Officer of the company made the disclosure on Tuesday in Nnewi during a Pre- AGM Press briefing.

According to the CEO, when compared to FY 2017 figures of N3.7 billion and N370.1 million, respectively.

PICTURE: R-L: Uche Igbokwe, Head of Commercial Department; Arinze Okwuosa, Head, Technical Section; Ijeoma Oduonye, CEO designate; Ifeanyi Uzodike, Outgoing CEO; Chinwe Nwokporo, Company Secretary; and Chima Nwosu, Deputy Gen. Manager/ CFO.

The growth represents an increase of 38% in revenue and 71% in profit before tax.

He said the company's overall performance was fair taking into consideration the economic situation of Nigeria; adding that even in the face of the economic reality in the country, the company had maintained its normal staff strength of over 200 persons.

Uzodike, who is billed to step down as CEO of CUTIX Plc in November this year, also informed his audience that between the time he took over as the CEO of the company at the second half of 2019 and April 2018, the company's revenue profile rose from N1.32 billion to N5.1 billion; adding that profit before tax grew from N134.1 million to N661.6 million; just as profit after tax rose from N78. 3 million to N440.3 million.

Net assets of the company, according to him, grew from N400.1 million to N1.3 billion; while dividend payout grew from N63.4 million to N178.1 billion.

While introducing Mrs. Ijeoma Oduonye, former Company Secretary of CUTIX Plc as the CEO designate for the company, said he is happy to hand over the baton to the new leadership, whom he said is also a capable hand.

In her brief remarks during the event, Ijeoma Oduonye, former company secretary, and CEO designate, CUTIX Plc said her vision for the company would be to look inside out to bring the best for the company without compromising on the quality for which CUTIX Plc is known for. She also called on government to give boost to the power sector as, diesel take chunk of the company’s profit annually.

The new Company Secretary, CUTIX PLC, Chinwe Nwokporo, thanked all stakeholders, who supported and cooperated with the company over the period to keep it afloat.

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate

BREAKING: 2Baba Shot Dead In Rivers State

A notorious cult leader and the prime suspect in the brutal murder of the late Divisional Police Officer, SP Bako Angbashim, in the state, Gift Okpara, popularly referred to as 2Baba, has been reportedly killed in a police-led major security raid. The police and other security agencies were said to have conducted land and aerial raids at the identical hideout of the Iceland cult leader and his gang at Idu-Ekpeye in Ahoada East local government area of Rivers on Saturday, February 17. According to The Nation , the Iceland cult leader was reportedly feared dead after the operation. Recall that in September 2023, the late DPO was ambushed and captured by the cult group led by 2Baba in the Odiemudie community, Ahoada East LGA. 2Baba and his gang then took the DPO to the forest, where they killed him and dismembered his body. The cultists then filmed him. Another source, Obi, said he saw no less than 15 vehicles and an Armored Personnel Carrier (APC) during the operation.

Prominent Leaders Pay Tribute to Late Sen Ifeanyi Ubah, at Anambra Community Candlelight Procession in Awka

Hundreds of mourners, friends, well-wishers, media representatives, and party faithful gathered are presently at Emmaus House in Awka for a candlelight procession to honor the late Senator Ifeanyi Ubah. Chief Egwuonwu in his speech expressed his deep grief over the loss of his friend and brother, Senator Ubah, saying it's hard to find words to convey his emotions. However, he says that he finds solace in the tremendous impact Senator Ubah had on the lives of those he encountered. Chief Owelle Mbaso, leader of Anambra Former Political Appointees in paying glowing tribute said that Senator Ubah led a life worthy of emulation. He said "he knew he wouldn't pass this way again,reason he ensured he impacted on several life's without expecting anything in return." Mr Linus Williams, BLord in a glowing tribute recounted how Late Senator Ubah helped him when he was wrongly accused of sponsoring terrorism. He said " even though I have not meet him or seen

NIGERIAN NOTCH

Search This Blog