Cutix projects N1.83bn revenue in Q1 2022

Cutix Plc has projected a revenue of N1.83 billion for the second quarter of 2022 financial year.

This is contained in a notice posted on the website of the Nigerian Exchange Ltd., titled: Cutix Plc: Second Quarter Financial Year 2022 Forecast.

The notice was signed by the company’s Chief Executive Officer, Mrs Ijeoma Oduonye and the Chief Financial Officer, Mrs Favour Oti.

The notice indicated that the company’s profit before tax during the period was estimated to be N260 million with a profit after tax of N169 million.

Oduonye said that the forecast was based on some underlying assumptions.

She added that revenue for Q2, 2022 would be slightly higher than the revenue projected for the first quarter of 2022.

Oduonye said that the economy would continue to improve following recovering from the impact of COVID-19.

“Raw materials cost to sales will be about 60 per cent of Q2 2022 total revenue. Finance cost will decrease slightly within the period,” she said.

Oduonye also said the company would continue the repayment of term loan obtained from the Bank of Industry within the quarter.

“We anticipate an increased purchase of property plant and equipment during the quarter,” she added.