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CUTIX PLC HOLDS 35TH AGM, ELECTS NEW CEO, DIRECTORS

CUTIX PLC, cable manufacturing company based in Nnewi, Anambra State,  on Friday held its 35th AGM at Conv-Aj Center, Nnewi, where the company elected new Chief Executive Officer, CEO, Mrs Ijeoma Oduonye, who is expected to resume duty on 1st November, 2018.

Mrs Oduonye, is the immediate past Company Secretary, of  CUTIX PLC, she will replace Mr. Ifeanyi Uzodike, whose tenure as CEO will end on October 31st this year.

Dr. Chidozie Nsoedo, Mr. Matthias Umego and Mr. Vincent Ike were elected into the Board of the Company; via single resolution of shareholders, to fill vacant positions created by voluntary resignation of Dr. John Mbonu, Arc. Mansur Ahmadu and Engr. Olufemi Akintunde.

The Annual General Meeting, attracted Directors, from all over the country with over 800 shareholders in attendance.  The Company Secretary, Registrars, Auditors, Financial Advisers, representatives of the NSE and NSEC, also evaluated Reports of Directors, Statement of Profit and Loss and other Comprehensive Income as at 31st April, 2018; together with report of Auditors, which was adopted by the shareholders.

The shareholders, during the AGM, also approved payment of 20k per ordinary share of 50k each; payable from the 6th November, 2018.

Other major agendas  treated during the 35th AGM also include, fixing of Auditors remuneration. Members of the Audit Committee were also elected; two from each of the Directors and Shareholders.



Williams Enoabasi, a shareholer of the company who spoke to our corespodent during the AGM,  commended the management of Cutix Plc for working hard to break even, despite unfavourable operating conditions that characterized 2018 fiscal year.

They praised the outgoing CEO, Ifeanyi Uzodike,  and the incoming CEO, Ijeoma Oduonye, as well as the chairman, directors and the entire workforce that saw, that the company did well in 2018 despite unfavourable operating environment in Nigeria.l

Speaking to newsmen after the event, the company's chairman, Engr. Okechukwu Mbonu, said that based on the 20k per share dividend approved, total dividend payable will be N176,132, 202; adding that profit after taxation is N440, 295, 00; even as the company's profit to be carried forward is N264, 263, 00.

He said that the environment upon which industries operate in Nigeria has remained very challenging; adding that economic instability with Nigeria's multi decade long electricity problems were mitigating factors that compelled companies to rely on relatively more costly AGO powered generating sets; to operate busineses. He therefore called on government to see to it, that the issue of power is resolved so that it will help industries in the country to thrive.

He said, however, that despite the challenges, CUTIX PLC still recorded positive changes during the 2018 fiscal year. 

Asked why CUTIX PLC was able to make profit and declare 20k per 50k Ordinary share despite challenging business environment,  Ijeoma Oduonye,  new CEO for the company said because of its commitment to ensuring the distribution of returns fairly to all  stakeholders, CUTIX PLC is managed in a way that ensures long term shareholders value, and takes into account the interest of all stakeholders.


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