Cutix Q1 Profit Plunges 81% Amid Rising Costs

Cutix Plc, a prominent Nigerian cable manufacturer, reported an 81% decline in profit for the first quarter of the 2026 financial year ending July 31, 2025. The company's profit dropped to N6 million from N31 million due to increased input and finance costs.

Revenue from cable sales decreased to N1 billion, while raw material costs rose by 7%, impacting the gross margin. Operating profit fell by 35% to N18 million, with finance costs surging by 160% to N7 million.

The company emphasized the challenges posed by rising costs and lower revenue, affecting its overall financial performance for the period.