Cutix Plc has reported a sharp drop in its first-quarter profit for the 2025 financial year, with earnings plunging by 81 percent to N56.9 million, compared to N306.7 million in the same period of 2024.
Despite stable sales, the company struggled with higher operational costs. Revenue for the quarter stood at N3.52 billion, almost unchanged from N3.55 billion recorded in Q1 2024, reflecting minimal top-line growth.
According to its unaudited financial statement as of July 31, 2025, total assets grew 34 percent to N10.68 billion from N7.99 billion the previous year. However, liabilities surged 73 percent to N6.44 billion, while net assets remained steady at N4.23 billion.
Capital expenditure rose significantly to N193.8 million, marking a massive 1,173 percent jump from N15.2 million. This increase was driven by strategic investments in technology, equipment, and plant expansion. The company also doubled its paid-up share capital to N3.52 billion.
Profit before tax fell to N86.2 million, down from N454.7 million in Q1 2024, while income tax expenses dropped 80 percent to N29.3 million. Earnings per share declined sharply to 0.81 kobo from 8.71 kobo in the previous year.
Operating profit also weakened, settling at N275.9 million, compared to N422.6 million in Q1 2024. Rising costs played a key role, with cost of sales increasing to N2.90 billion from N2.75 billion.
In addition, finance costs more than doubled to N190.8 million, further weighing on overall profitability.Equity levels held firm at N4.23 billion, while the number of shares in issue increased to 7.05 million units. Meanwhile, Cutix’s share price closed the period at 390 kobo, representing a 24 percent decline from 513 kobo recorded last year.
