Cutix Plc has announced a turnover of over N12 billion and profit before tax of over N1.6 billion for the 2024 financial year.
Chairman, Board of Directors of the organization, Barr (Mrs) Ifeoma Nwahiri disclosed this during the company’s 41st annual general meeting held Saturday at Anaedo Hall, Nnewi Anambra State.
She said the report represented growths of about 32 and 36 percent, respectively.
She noted that this achievement underscored the effectiveness of the company’s unwavering commitment to product quality, operational excellence, strategic marketing, and customer satisfaction.
The Chairman described it as a testament to the resilience of the company’s business model.
“While financial year 2024’s results are respectable, they also illuminate opportunities for advancement. With our unwavering leadership and talented workforce, we are poised to solidify our market position.
“Nigeria’s growing manufacturing sector faces an array of obstacles. Securing foreign exchange for essential materials and equipment remains an impediment.
“The Central Bank’s limitations and delays in forex processing hinder production efficiency. Additionally, a labyrinth of taxes and unstable customs duties significantly inflate our costs, “She said.
The Chairman further noted that the market was saturated with low-quality imported products, eroding consumer confidence in domestic products.
She said the erratic power supply and rising energy prices further strained the company’s operations.
The Chairman said the security situation in certain regions had also disrupted business continuity. She noted that despite those headwinds, the company remained one built on adaptability, adding that the Cutix Plc was actively leveraging its strengths to navigate the evolving landscape.
On behalf of the Board, she extended her appreciation to the company’s management team, staff, and stakeholders. She said their unwavering commitment was the engine that propelled the company’s success.
On corporate social responsibility, she said that remained the company’s cornerstone identity.
She explained that the company was proud to be a long-standing sponsor of the East of the Niger Inter-Club Tennis League, fostering unity beyond regional boundaries and promoting physical well-being.
According to her, the company had provided essential resources like free power, water, educational support, and more to the local community.
She said the company believed in giving back, as it prioritized starting in its own neighborhood.
On its future prospects, she declared that the company remained optimistic, saying that the future holds immense promise.
“We are actively strategizing to evolve our business model and diversify our products offerings.
“We remain committed to investing in research and development, innovation, and operational efficiency to ensure sustainable growth. We are unwavering in our dedication to delivering value to all stakeholders, including shareholders, customers, employees, the wider community and government, “she submitted.
Earlier, the company observed one minute silence for the death of its founder, Engr Ajulu Uzodike who died on June 7, 2024 after a brief illness, while the business of the day continued.
