Cutix Q1 profit plunges 81% to N56.9m

Cutix Plc reported a decline in its first-quarter profit for the 2025 financial year, posting N56.9m, down 81 per cent from the N306.7m recorded in the same period of 2024.

The company’s revenue for the quarter remained largely flat at N3.52bn, compared with N3.55bn in Q1 2024, reflecting minimal growth in sales despite rising operational costs.

According to the unaudited consolidated and separate statement of financial position as of July 31, 2025, the firm’s total assets rose 34 per cent to N10.68bn from N7.99bn in the previous year, while total liabilities surged 73 per cent to N6.44bn from N3.73bn. Net assets remained relatively stable at N4.23bn.

The company’s capital expenditure jumped significantly to N193.8m in the quarter, up 1,173 per cent from N15.2m, driven by strategic investments in plant, equipment, and technology. Paid-up share capital also doubled to N3.52bn.

Cutix recorded a profit before tax of N86.2m, down from N454.7m in Q1 2024, while income tax expense fell 80 per cent to N29.3m. Earnings per share dropped to 0.81 kobo from 8.71 kobo in the same period last year.

The company’s operating profit stood at N275.9m, down from N422.6m, with the cost of sales rising to N2.90bn from N2.75bn. Finance costs more than doubled to N190.8m, significantly weighing on profitability.

The firm’s total equity remained stable at N4.23bn, while the number of shares in issue increased to 7.05m units. Cutix’s share price closed at 390 kobo during the period, down 24 per cent from 513 kobo.