Nigeria’s leading cable manufacturing company, Cutix Cables Plc has held it’s Annual General Meeting (AGM), today, Friday, 26th November, declaring a revenue profile of 6.7bn for the financial year ended April 30, 2021.
The company recorded a Profit Before Taxation (PBT) of N899,827 million and a total of N594,023 million as the Profit After Tax (PAT).
The meeting which availed the investment community an opportunity to gain insight into the performance of the company in the 2021 financial year held at 17, Osita Onyejianya Street, Umuanuaka Otolo, Nnewi, Anambra State.
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In compliance with the guidelines of the Corporate Affairs Commission (CAC), the Annual General Meeting which was moderated by the Chairman of the Company, Ambassador Odi Nwosu, had other shareholders and proxies including the Security and Exchange Commission (SEC) either physically present or joining through zoom because of the COVID-19 protocols.
Speaking at the AGM, Amb. Odi Nwosu, Chairman Board of Directors of Cutix Cables PLC, saluted the foresight of the founder, Sir. Gilbert Obiajulu Uzodike (OON) for building the company and setting forth a charter to guide the performance and governing principles to date.
According to him, the financial year under review was quite challenging but rewarding which reflected in their performance, despite the Covid-19 pandemic, drop in oil prices, recession of late 2020, and the insecurity which began with insurgency in the Northeast which rapidly exacerbated with the herdsmen/farmers, rampant kidnappings, armed robbery, and other violent crimes, commending the management for their dedication.
Cutix PLC Holds Her 37th Annual General Meeting (AGM) (Photos)
On the performance of the company, he said that despite the difficult business environment, the company realized a turnover of over N6.7 billion and a Profit Before Tax of over N899 million which represents growths of about 34% and 54% respectively.
He declared that the board of the company has decided to recommend a dividend of 15k per share which represents a 20% increase in the amount paid last year, revealing that the board is also proposing a bonus issue of one ordinary share for every ordinary share held to all existing shareholders.
Speaking on the future prospects of the company, he noted that despite the challenges in the business environment which are compounded by the increasingly difficult access to foreign exchange despite the very high prevailing rate brought about the devaluation of the official rate of the Naira by the Central Bank of Nigeria (CBN), the company is still optimistic of success.
He revealed that the company intends to diversify by reintroducing the products of adswitch Plc which was acquired with the financial year, adding that the company will sustain the increasing value of the company’s assets by the value of assets by productivity improvements.
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The highpoint of the AGM was the election of Prince Obianefo Orizu as a new Director in the company, re-election of Barr. Mrs. Ifeoma Nwahiri, Dr. Chidozie Nsoedo, Sir Matthias Umego as Directors, also Amb. Odi Nwosu was also re-elected as a Director.
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