By Uche Amunike
Despite the unfavourable economic climate of the country, the shareholders and staff of Cutix Cables PLC, Nnewi, have become richer. This is as a result of the phenomenal increase in outstanding dividends bonus of shares recorded in the 2018 financial year of the company.
This was made known at the 35th Annual General Meeting of the company at Conv-AJ Events Centre, Nnewi, October 26, when the Chairman of Cutix Cables PLC, Dr Okechukwu Mbonu announced that the company earned N661.6m as Profit Before Tax (PBT) for its 2018 financial year which ended on April 30.
This represents an increase of 79 percent over the N370.1 million recorded in 2017, while revenue increased by 38 percent to N5.1b from the N3.7 billion recorded in the previous year. The company's profit after tax recorded an increase of 71% at N440.3 million as against N257.5 million realized in 2017.
According to Mr Mbonu, it was a difficult challenge recording those successes because of the devalued strength of the Naira, owing to the economic recession in the country.
He however explained that studying the Nigerian environment and the way the market operated helped them a great deal to be on top of their game. Among the resolutions reached in the 2018 financial year were, the commendable one-on-one bonus share dividend given to shareholders and an extra 20 kobo on each ordinary share as well.
Shareholders came from all corners of the country and were indeed elated about the resolutions made at the meeting and the growth of the company.
The highlights included election of a new Chairman, Ambassador Ody Nwosu. Three directors also stepped down for new ones, while the new CEO of Cutix Cables, Ijeoma Oduonye, took over from the former one, Mr Ifeanyi Uzodike, who had been on seat for ten years.
In an interview with Fides, Mrs Oduonye, a former secretary of the company, was enthusiastic about taking up her new position and assured that she would do her best to meet up with the expectations of both the customers, shareholders and Nigerians in her line of duty.