Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Cutix migrates to 1st Tier market

Category: Capital Market

  Read (2567)
Cutix migrates to 1st Tier market

February 18, 2008


Indigenous cable manufacturing company, Cutix Plc has migrated from Second Tier to First Tier Market of the Nigerian Stock Exchange (NSE) and has posted N366.5 million Gross Profit.


Ajulu Uzodike, Chairman/Chief Executive Officer (CEO) of the of the company in his address at the ceremony disclosed that one of the reasons for taking Cutix Plc to the Stock Exchange was to help create a culture where good business practices about separation of ownership and management are followed, “so that the company would have a good chance of surviving the founder, founding owners and stakeholders†he said.


According to Uzodike, there was a premature attempt to transit in 1992 which failed, but thereafter a committee comprising of six leading shareholders was set up to search for a new CEO who would takeover from the current one on November, 2008 to move the company forward.



However, financial documents of the 2007 annual reports made available to Proshare News/Investigations shows that turnover of the company increased from N714.1 million in 2006 to N1.064 million in 2007 representing a 99.85 percent increase.




Furthermore, Gross Profit also grew from N218.2 million in 2006 to N366.5 percent in 2007 indicating a 68 percent growth.  


The financial document also revealed that Profit before Tax (PBT) also increased from N80.8 million in 2006 to N187.5 million in 2007 which represents a 132 percent increase.



While Profit after Tax (PAT), also went up from N54.3 million in 2006 to N121.6 in 2007 which is a 124 percent growth.



However, without prejudice to our analyst review of the 2007  financial figures of Cutix Plc, made available to Proshare News/Investigations, and financial figures for half year 2008 accounts, which shows during the period under review, that the company’s Gross Profit rose slightly from N195 million in 2007 to N218 million in 2008; which represents a 12 percent increase.



In the same vein, PBT of the company decreased slightly from N107 million in 2007 to N100 million in 2008 which indicates a -6.5 percent decrease, while PAT also decreased from N69.7 million in 2007 to N65.6 million in 2008 representing a -5.88 percent decrease all in the half year 2008 accounts.  


Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014