Top Performer: CUTIX Sees 28% Surge in Market Value
CUTIX Plc’s strong rally supported the gain recorded by the industrial index last week. Its market price surged to N4 per share. At the close of trading session on Friday, the market placed N14 billion as market value of CUTIX Plc on 3.522 billion outstanding shares.
To analysts mind, its recent earnings beat supported increased demand for the company’s shares on the Nigerian Exchange. The electronic and electrical production company posted a strong year on year growth in earnings per share in its fourth quarter of 2024, its unaudited financial statement revealed.
Its earnings per share grew by 48% year on year to 34 kobo in Q4-2024 from 23 kobo in Q4-2023, it said in its financial report.
The feat was driven by significant improvement in profitability. In the period, CUTIX profit after tax reached N1.198 billion, which was 48% above N808.96 billion the company achieved in the comparable period in 2023.
Its bottom line came stronger year on year as the company ramped up sales revenue, up by 32% to N12.178 billion from N9.260 billion in the previous 12 months. CUTIX Plc.’s total equity rose by 25% to N4.520 billion in the same period, supported by a surge in retained earnings, from N3.603 billion.
In the local bourse, equities investors saw about N400 billion gain as value hunters began to take fresh positions across the key sector. Already, stock market year to date has advanced near annual inflation rate of 33.95% following moderation in spot rates on Treasury bills. #Top Performer: CUTIX Sees 28% Surge in Market Value
U.S. Consulate Commends Diaspora Nigerians’ Impact on Sports, Economy
