Cutix Plc posts 27.71% profit in FY 2016

Cutix Plc posts 27.71% profit in FY 2016
A notable cable manufacturing giant based in Nnewi, Anambra State, Cutix Plc has recorded revenue growth by 20 percent from N2.358 billion to N2.835 billion in 2016 financial year, just as profit before tax grew from N202 million to N278 million.
The Chief Executive Officer of the company, Mr. Ifeanyi Uzodike, who disclosed this on Monday during a press briefing in preparation for the company’s 33rd Annual General Meeting (AGM) holding on Friday, October 21 in Nnewi, said despite the difficult operating environment, the company’s performance improved in the 2016 financial year; with its profits after tax hitting 27.71 percent from N149 million to N190.5 million.
He explained that the company plans to continue to invest in production assets in spite of difficult operating environment.
“This is the only way to ensure that we remain strong and viable while increasing our capacity and capability”, he said.
He added that new cable manufacturers based in Nigeria are bringing out their products in the market which, he argued, can only spur the company to work harder to ensure that it grows and remains competitive.
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