H1 2022: Cutix Plc Records N546 Million Profit

Cutix Plc, a cable manufacturing company, has released its financial report for the half-year 2022, reporting a profit before tax of N546.800 million.

This represents a 4 per cent increase when compared to the N523.503 million the company reported during the same period in 2021.

During the period under review, the company recorded a 27 per cent growth in revenue from N3.491 billion recorded in the half year of 2021 to N4.420 billion.

The company's gross profit also grew from N1.023 billion to N1.072 billion in 2022, which represents a 4 per cent increase.

Operating profit increased from N593.312 million in half-year 2021 to N605.904 million in half-year 2022.

According to the company's financial statement, the cable and wire sales segment contributed to 62.64 per cent growth of the revenue.