Cutix Plc, one of the West Africa’s leading electrical cable and wire manufacturers, held its 43rd Annual General Meeting (AGM), on Friday, at Anaedo Social Club Hall, Nnewi, Anambra State, to review the financial year ended 30 April 2026.
Although the AGM revealed a shortfall in financial outlook, the company has already started implementing tighter financial controls and new investments in production and renewable energy to ensure it enters FY2027 with better credentials and prospects.
The company posted a loss before tax of N124.76 million for the period ended April 30, 2026 compared with a profit before tax of N1.61 billion achieved in the preceding year.
The company’s profit after tax also declined significantly from N1.03 billion in FY2025 to a loss after tax of N198.02 million in FY2026.
The 2026 financial year was undoubtedly the most challenging period in the history of the company.
Ifeoma Nwahiri, chairman, Board of Directors of the company, explained that the Group’s turnover declined to N14.77 billion from N15.77 billion recorded in the FY2025 representing a decrease of 6.3 percent.
Commenting on the results, the chairman said the performance reflected the difficult conditions faced during the year, while also pointing to the structures being implemented in strengthening the business.
“Although the decline in the revenue was relatively moderate, the combined effect of increased raw material costs, higher energy expenses, rising financial costs and foreign exchange losses had more impact on earnings.
“These results were clearly below the expectations of the Board, Management and our Shareholders. However, they must be viewed within the context of the exceptionally difficult operating environment experienced during the year,” she said.
According to her, despite these challenges, the company remained resilient, continued production and market operations, and maintained its strategic focus on long term sustainability.
Nwahiri, a barrister, noted that the 2026 financial year was characterised by persistent macroeconomic instability, rising raw material costs, foreign exchange volatility, higher borrowing costs, higher energy costs and weekend consumer purchasing power.
“Manufacturing businesses continued to contend with rising production costs, supply chain disruptions and regulatory uncertainties. Within the cables industry, intense competition, market distortions created substandard imported products and pressure on infrastructure spending further affected market demand,” she affirmed.
“FY2026 tested our financial and operational resilience, but it also gave us a clear opportunity to address the issues that affected our performance. The modalities we have put in place shows that the recovery process is already producing measurable progress.
“Our priority for FY2027 is to build on this progress, improve margins, control costs and return the Company to profitability,” the Chairman said.
On future prospects, Nwahiri added that while the results for FY2026 were disappointing, the Board remains confident in the long-term prospects of the company.
The company has developed a recovery and cost optimisation programme focused on profitability, operational efficiency, liquidity management and sustainable growth.
One of the key investments is the installation of a dedicated 33kVA power line, which is expected to be commissioned in the first quarter of FY2027. The project will reduce the Company’s reliance on diesel-generated power, improve energy reliability and help lower production costs.
Cutix is also expanding its presence in the renewable energy market through the distribution of braided solar cables. The move gives the Company access to opportunities created by growing demand for quality solar energy products across Nigeria and other markets.
The company plans to acquire and commission a Fine Wire Drawing Machine to increase its flexible cable production capacity. The investment will enable Cutix to respond more effectively to demand in this segment and broaden its product offering.
“We expect the benefits of these initiatives to become increasingly evident during FY2027,” the Chairman stressed.
The Company’s potential as a force to recon with in the cable manufacturing industry has led to renewed market interest in its shares. On Aug. 7, 2026, PM News reported a bullish close for Cutix Plc, with the Company’s share price gaining 4.00 percent to close at N2.60 per share.
Punch Newspaper report of Aug. 19, 2026 also pointed to the continued interest from shareholders and investors in Cutix Plc shares, as the Company strengthens its position as a major manufacturer of quality cables in West Africa.
The Chairman expressed appreciation to the Shareholders, Directors, Management team, employees, distributors, customers, suppliers, financial institutions, business partners and regulators for their support and confidence in the company. “Together, we will overcome the current challenges and build a stronger, more profitable and sustainable future for Cutix PLC,” Nwahiri stated.
Speaking at the AGM, the Acting Chief Executive Officer (CEO), Uchechukwu Igbokwe, expressed appreciation to shareholders, employees, customers, distributors, suppliers, financial institutions, business partners and regulators for their continued support.
“Cutix has taken important steps to strengthen the business. We recognise the work that remains, but we are encouraged by the determination in the face of challenges. With disciplined execution and the support of our stakeholders, we are confident that FY2027 will provide a stronger platform for growth, profitability and long-term shareholder value,” she said.
On her part, the Company Secretary, Chinwendu Nwokporo, said, “The Board remains focused on ensuring stronger financial performance in the financial year 2027.”
With revenue growth, a substantial reduction in losses, improved balance sheet strength and investments in power infrastructure, production capacity and renewable energy products, Cutix Plc entered the new financial year with a clearer recovery plan.
Cutix Plc is a multiple award-winning cable manufacturer, and one of the largest cable manufacturing companies operating in West Africa.
The company’s products include House Wiring Cables; Copper conductors; Aluminium Service Cables; Power Cables; Appliance cables; Control cables; Automotive Cables, Solar Cables, and Electrical Switch Gears & Panels, amongst other products.
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