Cutix Plc, the Cable giant of Africa, on Friday, the 26th of August 2022, held it’s Annual General Meeting ( AGM) at the Anaedo Hall in Nnewi, Anambra State under a very cool and serene ambience. Before going into the business of the day, it is good to take a look at Cutix Plc and what they stand for.
Cutix Plc was Incorporated on November 4th 1982 as a Limited Liability Company. It was quoted on the second Tier of the Nigerian Stock Exchange on February 18th 2008. The price per 50k share of the company as at April 29th 2022, was N2.44. The principal activities of the company are manufacturing and marketing of electrical, automobile and telecommunication wires,cables and related products.
Over the years Cutix Plc has developed and maintained a reputation for high quality products and remains one of the most reliable brand in the cable manufacturing companies in the world. Their products have received a lot of National and International recognitions and endorsements. In the 2022 Annual General Meeting, the Report of the Directors states inter alia: ”
The Directors are pleased to recommend a dividend of 10 Kobo per share to be considered for approval by the Shareholders at the Annual General Meeting. The total dividends payable if approved by the Shareholders is N352,264,000 and is subject to deduction of withholding tax at the rate applicable at the time of payment. Below is the summary of the Profit After Tax, Proposed Dividend and Reserve of the Company: Profit After Taxation: N786,307,000, Less Proposed Dividends: N352,264,000 and Profit Carried Forward: N434,043,000. During the year under review, donations and Corporate Social Responsibility Initiatives were also carried out amounting to: N6,473,000. It is also interesting to note that Cutix Plc as a matter of duty,provides employment opportunities to physically challenged persons and do not discriminate on any group. The company is driven by a deep conviction that even in disability, there could be immense ability. In line with their policy,they solely recruit, based on capability to occupy the specific role.
The company currently has three physically challenged staff in her employment. It is also pertinent to know that as a matter of Corporate Policy,Cutix Plc is committed to the highest standard of corporate governance in all her activities, in line with the guidelines and regulations required by the Nigerian Code of Corporate Governance. In the Corporate Governance Report, it states that: “We conduct our business with honesty, integrity and openness and respect for the human rights and interest of our employees.
We respect the legitimate interest of those with whom we relate. The company is committed to providing products and services which consistently offer value in terms of price and quality and are safe for their intended use.” Continuing, it stated:. ”
Our business operations are conducted in accordance with Nationally and Internationally accepted principles of good corporate governance to provide timely, regular and reliable information on our activities, structures, financial situation and performance to all our Stakeholders and Legal Authorities.” The company presently has the following on its Management Team: Mrs. Ijeoma Oduonye,CEO, Mrs. Chinwendu Nwokporo, Company Secretary/ Head, Enterprise Assurance, Mrs. Uche Igbokwe,Head,Anuka Plant,Mr. MacPherson Nwogu,Head, Power Cable Plant, Mr. Christian Okafor, Head, Quality Assurance, Mrs. Chidinma Udeh,Head Administraton, Mrs. Chidinma Mmaduekwe,Head Sales–Trade, Mr. Chinonso Okoli,Head, Sales- Industrial, Mr. Ifenna Njidefor ,Head, Marketing, Mrs. Ebere Nwabueze,Head, Finance/ Accounts, Mr. Christian Igwe,Head, Human Resources, Mrs. Ada Ikebuilo, Head, New Business Development Department and Mrs. Ijeoma Obiorah,Head, Adswitch.
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