LAGOS — Cutix Plc on Thursday estimated that N1.83 billion in revenue would be realised in the second quarter (Q2) of the Financial Year (FY) 2022.
This is contained in a notice posted on the website of the Nigerian Exchange Ltd., titled: Cutix Plc: Second Quarter FY 2022 Forecast for the Period Ended Oct. 31, 2021.
The notice was signed by Mrs. Ijeoma Oduonye, Chief Executive Officer and Mrs. Favour Oti, the Chief Executive Officer, both, of the company.
The forecast was based on some underlying assumptions which indicated that profit before tax for Q2 FY2022 is estimated to be N260 million and profit after tax of N169 million for the same period.
According to the Oduonye, the economy will continue to improve as the economy recover from the impact of COVID-19, while the revenue for Q2 FY2022 will be slightly higher than the revenue projected for Q1 of the year under review.
“Raw materials cost to sales will be about 60 per cent of Q2 FY2022 total revenue. Finance cost will decrease slightly within the period.
“Distribution cost will decrease in Q2 FY2022 when compared to the Q1 FY2022: advert/promo cost will not change significantly in Q2 of FY2022 when compared to the previous quarter.
“We anticipate revenue of N1.83 billion in the Q2 of FY2022; PBT and PAT for Q2 FY2022 is estimated to be N260 million and N169 million respectively, based on the assumptions above,” Oduonye said.
She explained that the company has three products being house and service wiring cables; metals and shouted cables.
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