Cutix PLC reported a pre-tax profit of N764 million for the period from May 1 to October 31, 2024, up from N673.4 million reported the previous year.
This reflects a 13.46% increase, with the company’s post-tax profit also climbing by 13.72%, reaching N514.1 million.
During the reported period, revenue surged to N7.8 billion, up from N5 billion in 2023, driven by a robust increase in cable and wire sales.
Additionally, total assets grew by 11.7% year-over-year, reflecting steady progress in the company’s financial position.
A cursory look at Cutix’s financial results shows that ‘other income’ played a key role in the reported pre-tax profit, as high costs of sales dampened the full impact of income from the company’s main revenue sources.
Between October 31, 2023, and October 31, 2024, Cutix PLC’s total assets increased from N6.76 billion to N7.55 billion, driven by growth in inventories and a slight rise in non-current assets.
The company reduced its long-term borrowings, leading to a decrease in non-current liabilities, while current liabilities increased due to higher short-term borrowings and trade payables.