Cutix Plc released its half-year 2022 results on Wednesday, November 30, 2022, reporting a pre-tax profit of N546.800 million. This represents a 4% increase from the N523.503 million the company reported during the same period in 2021.
Revenue
- 2022 H1: N4.420 billion
- 2021 H1: N3.491 billion
- Change: +27%
Gross Profit
- 2022 H1: N1.072 billion
- 2021 H1: N1.023 billion
- Change: +4.78%
Operating profit
- 2022 H1: N605.904 million
- 2021 H1: N595.312 million
- Change: +1.78%
Finance charges
- 2022 H1: N92.578 million
- 2021 H1 N121.450 million
- Change: -23.77%
Pre-tax profit
- 2022 H1: N546.800 million
- 2021 H1: N523.503 million
- Change: +4%
Net Profit after tax
- 2022 H1: N369.090 million
- 2021 H1: N356.056 million
- Change: +4%
Cash in hand
- 2022 H1: N4.097 billion
- 2021 Q3: N4.000 billion
- Change: +2.4%
Bottom line: The growth in pre-tax profits was due to the increase in revenue from the back cable and wire sales segment of the group despite inflationary pressure and a slim in the household wallet.
According to the financial statement of the company, the cable and wire sales segment contributed 62.64% growth of the revenue to N2.769 billion from N2.663 billion in 2021 while the Armored cable sales segment followed with 33.68% of the revenue with N1.489 billion from N805.802 million in 2021.