…Proposes Higher Dividend Despite Earnings Dip
CUTIX Plc has reported a revenue of ₦15.8 billion for the first four months of the year, marking a 30 per cent rise from ₦12.28 billion recorded in the same period of 2024.
The cable manufacturing company disclosed the figures in a corporate filing with the Nigerian Exchange Ltd. on Monday in Lagos.
Despite the growth in revenue, profitability recorded a marginal decline. Profit after tax dropped by three per cent, falling from ₦1.06 billion to ₦1.03 billion, while profit before tax slipped by one per cent from ₦1.62 billion to ₦1.60 billion.
The company’s total assets, however, expanded by 19 per cent, rising from ₦7.29 billion to ₦8.7 billion, demonstrating healthy balance sheet growth.
Earnings per share (EPS) experienced a significant decrease of 52 per cent, dropping from 30.24 kobo to 14.65 kobo.
In recognition of shareholder loyalty, the board of directors has proposed a dividend of 10 kobo per share. If approved at the forthcoming Annual General Meeting, the total dividend payout will reach ₦704,528,810.40, representing a 33.33 per cent increase on the ₦528,396,607 distributed last year.
The proposed dividend remains subject to applicable withholding tax.
