CUTIX PLC POSTS BEFORE TAX OF N5.1 BILLION PROFIT IN FY 2018

Cable manufacturing company, CUTIX Plc, Nnewi, has posted a revenue and profit before tax of N5.1 billion and N661.6 million respectively in first quarter (FY) 2018 which ended in April 30, 2018.

Ifeanyi Uzodike, Chief Executive Officer of the company made the disclosure on Tuesday in Nnewi during a Pre- AGM Press briefing.

According to the CEO, when compared to FY 2017 figures of N3.7 billion and N370.1 million, respectively.

PICTURE: R-L: Uche Igbokwe, Head of Commercial Department; Arinze Okwuosa, Head, Technical Section; Ijeoma Oduonye, CEO designate; Ifeanyi Uzodike, Outgoing CEO; Chinwe Nwokporo, Company Secretary; and Chima Nwosu, Deputy Gen. Manager/ CFO.

The growth represents an increase of 38% in revenue and 71% in profit before tax.

He said the company's overall performance was fair taking into consideration the economic situation of Nigeria; adding that even in the face of the economic reality in the country, the company had maintained its normal staff strength of over 200 persons.

Uzodike, who is billed to step down as CEO of CUTIX Plc in November this year, also informed his audience that between the time he took over as the CEO of the company at the second half of 2019 and April 2018, the company's revenue profile rose from N1.32 billion to N5.1 billion; adding that profit before tax grew from N134.1 million to N661.6 million; just as profit after tax rose from N78. 3 million to N440.3 million.

Net assets of the company, according to him, grew from N400.1 million to N1.3 billion; while dividend payout grew from N63.4 million to N178.1 billion.

While introducing Mrs. Ijeoma Oduonye, former Company Secretary of CUTIX Plc as the CEO designate for the company, said he is happy to hand over the baton to the new leadership, whom he said is also a capable hand.

In her brief remarks during the event, Ijeoma Oduonye, former company secretary, and CEO designate, CUTIX Plc said her vision for the company would be to look inside out to bring the best for the company without compromising on the quality for which CUTIX Plc is known for. She also called on government to give boost to the power sector as, diesel take chunk of the company’s profit annually.

The new Company Secretary, CUTIX PLC, Chinwe Nwokporo, thanked all stakeholders, who supported and cooperated with the company over the period to keep it afloat.

Tinubu Appoints Chioma Awuzie Substantive Rector, Fed Poly Oko

President Bola Ahmed Tinubu has approved the appointment of Dr. Chioma Irene Awuzie as the substantive Rector of Federal Polytechnic, Oko, Anambra State. Dr. Awuzie's appointment, which takes effect immediately for a five-year term, follows the recommendation of the Polytechnic's Governing Council, chaired by Sen. Dr. Barnabas Gemade, after a transparent and competitive selection process where she emerged as the leading candidate. Prior to her appointment, Awuzie, who holds a Doctorate Degree in Physical and Materials Chemistry, was a distinguished Chief Lecturer in the Department of Science Laboratory Technology (Chemistry Option) and also Director in-charge of Tertiary Education Trust Fund (TETFund) Projects in the Polytechnic. Under her stewardship, Federal Polytechnic, Oko, witnessed unprecedented advancements in infrastructure and institutional transformation. Her leadership facilitated monumental developments across the Polytechnic’s campuses in Oko, ...

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate...

Tension In Uruagu Nnewi As Community Leaders Dare Soludo,Defy Court Order

The President of Uruagu-Nnewi Development Union, Chief Sunday Okoli aka Organizer, and the Obi of Uruagu-Nnewi community in Nnewi North local government area of Anambra State, His Majesty Afamefuna Charles Obi, have swept Soludo's directive to the gutters, by reason of their suspension and subsequent dessolution of the leadership of the community's youth forum, led by Ejike Ifejiofor, and subsequent appointment of caretaker executive to pilot the affairs of youths in the community. The Anambra governor had, through a letter dated August 9, 2024, signed by the Permanent Secretary, Anambra State Ministry of Youth Development, Dr. Martin Agbili, warned the community leaders to stay any action regarding suspension of the Uruagu-Nnewi youth forum. The community had, through its PG, Chief Okoli, written to the Ministry of Youths Development, notifying the ministry of "immediate suspension" of the youth group over alleged insecurity in the area. But the ministry,...

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