Management of Cutix Plc, Nnewi, Anambra State has described 2022 financial year as difficult and characterized by dynamic and challenging macro-economic environment ocasioned by Covid-19 pandemic which impacted on the company’s performance.
Chairman, Board of Directors, Amb. Okwudili Nwosu, who disclosed this weekend at the 39th Annual General Meeting of the company at Nnewi identified other challenges to include persistent insecurity reflected in activities of herdsmen/farmers clashes, rampaging kidnappings, armed robbery and other violent crimes.
He said, “The recent Russian-Ukraine war which started in February 2022 had caused widespread apprehension and disruption in the supply chain of materials, and adversely affected operations of the global economy, as well as that of the company.
“The attendant rising price of crude oil resulted in the surge in price of diesel largely used for power supply which increased our costs significantly and affected productivity.
“Our company factory from second quarter of 2022 had experienced a constant sit-at-home order. This activity had a grave detrimental effect on businesses located in the region.
“The effects of these challenges are still with us today, but we are struggling to get back to our normal operations quickly. It is pertinent to review the economic environment within which the company operated during the year under review.
“Despite the challenging business environment and intense competition in the industry, the company posted a turnover of N7.8billion with a profit before tax of over N1.1billion (17 percent and 29 percent respectively).”
While praising management and staff for their loyalty and hardwork over the years, customers and consumers for their confidence in their products, Nwosu expressed commitment to sustaining increasing value of assets by productivity improvements for higher profitability and better returns on equity to shareholders.
“We shall maintain our resolution to continue to pay our shareholders increasing dividend annually, issue bonus shares every three years and build more market value for the company,” he added.
