Tuesday, 18 October 2016

CUTIX PLC Holds Annual General Meeting, Proposes 14k Per Share Dividends

Ify David.

NNEWI. The 33rd Annual General Meeting of CUTIX PLC comes up on the 21st of October, 2016 at Conv-Aj Hall, Nnewi, Anambra State, Nigeria, by 11 a.m.

This information was made available by the company’s Chief Executive Officer, Mr.
 Ifeanyi Uzodike on Monday evening, 17th October, 2016 during a press conference held inside the company’s boardroom.

Speaking to a cross section of Newsmen drawn from the length and breadth of media across the country, Mr Ifeanyi Uzodike stated that CUTIX PLC has recorded profits within the 2016 financial year, the economic recession notwithstanding. According to him, ‘the company’s revenue grew by 20% from 2.358 billion naira to 2.835 billion in financial year 2016.

Mr Uzodike further said that Profit before tax also grew from 202 million to 278 million; Profit after tax also grew by 27.71% from 149 million to 190.5 million in 2016, despite the difficult operating environment [political and economic], the company’s performance improved in 2016.

He stated that Cutix plc, has proposed a dividend of 14kobo per share to be paid to the share holders.

The CEO in answering questions from the newsmen explained that the success story of CUTIX PLC was attributed to the company’s strict and holistic adherence to its policies which include the followings: Product Policy, Corporate Quality Policy, Corporate HSE Policy, Security Trading Policy, Complaints Management Policy.

He further explained that planning ahead of time and being proactive have seen them surmount the challenges posed by the current recession, which has forced many manufacturing companies go down the drain.

‘It is obvious that CBN cannot provide the funding needed by manufacturing companies in Nigeria, so we have to source funds from the parallel market.

‘The average we need for procurement of raw materials every month is 500,000 dollars, but I am not sure we have got more than 150, 000 dollars since the beginning of the year’, he stated.

It is worthy of note that the cable giant in Africa has maintained its social responsibilities, and recruitment policies at a time when several companies have downsized.

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