Electric cable maker, Cutix Plc, to pay N528.4 million in dividends for FY 2023/2024

Cutix Plc, the electric cable maker will pay N528.4 million in dividends for the financial year ended April 30, 2024.

According to a corporate notice signed by the company, its board of directors on July 11, approved a dividend of N0.15 per share, amounting to N528.4 million.

It was also contained in the notice that the board of directors recommended a bonus share issuance of one new share for every three shares held by existing shareholders.

In its unaudited financial statement for FY 2023/2024, Cutix Plc posted a net profit after tax of N1.20 billion, representing 48% growth from the N809 million posted in the previous financial year.

Going by these figures, Cutix Plc will achieve a dividend payout ratio of 44.1%, which is an almost 8-percentage point from the 52% dividend payout ratio achieved in FY 2022/2023.

With a proposed dividend yield of N0.15 and a share price of N4.62 as of July 12, Cutixโ€™s stock has a dividend yield of about 3.2%.

According to the corporate notice, Cutix Plcโ€™s annual general meeting is scheduled for August 30, 2024.

Cutix Plcโ€™s financial highlights

Cutix Plc posted a revenue of N12.2 billion in the financial year ending April 30, 2024, representing a 31.5% growth from the N9.26 billion revenue posted in the previous financial year.

According to the unaudited financial statement, the group achieved a gross profit of N3.4 billion, marking a 45% increase from the N2.3 billion posted in FY 2022/2023. The group also recorded a marginal 2.47 %โ€“point increase in its gross margins to 27.67%, from 25.2% as of FYE 2022/2023.

The group achieved an operating profit of N2 billion during the financial year, up by 53% from the N1.3 billion operating profit achieved in the previous fiscal year.

Cutix achieved higher operational efficiency during the financial year, as its operating margin in FY 2023/2024 was 16.4%, representing a 2.3-percentage point increase from the 14.1% operational margin achieved in FY 2022/2023.

The group recorded a pre-tax profit of N1.78 billion, representing a 49% growth from the N1.20 billion pre-tax profit posted in the previous financial year.

Cutix Plc recorded a 23.5% growth in assets to N7.2 billion, from N5.8 billion during the financial year. Its current assets appreciated by 26% to N5.95 billion, from N4.71 billion as of the previous fiscal year.

During the financial year, Cutix recorded cash receipts of N11.6 billion during the financial year, marking a 30% growth from the N8.94 billion cash receipts recorded in the previous financial year.

It also paid out N10.2 billion to its suppliers and employees during the period, up by 29% from the N7.87 billion paid out in the previous financial year.


Source: TheTimes.com.ng.