Shareholders To Enjoy Dividend

Cutix Plc, one of the nation’s indigenous cable and switch gear manufacturing company, has offered shareholders 12k dividend for the financial year ended April 30, 2012.

Reports say that the dividend offer was contained in the company’s result published by the Nigerian Stock Exchange (NSE).

The company which also paid 12k as dividend in 2011 said the 2012 dividend was subject to the approval by shareholders at the company’s annual general meeting (AGM), scheduled on Oct. 26.

According to the report, only shareholders whose name appeared on list of investors  as at Oct. 15 would be paid on Nov. 21.

A breakdown of the accounts showed that profit after tax dipped N79.01million as against N84.33 million recorded in the corresponding period of 2011.

Profit before tax stood at N118.64 million compared with N125.35 million achieved in the previous year.

Turnover grew nine per cent to N1.57 billion as against N1.44 billion declared in the comparative period of 2011.

Fixed assets also fell in the period under review to N325.49 million in contrast with N360.49 million posted in 2011.

Net assets rose to N511.23 million as against N495.62 million in the preceding year.