CUTIX : QUARTER 1 - FINANCIAL STATEMENT FOR 2024

CUTIX PLC

UNAUDITED FINANCIAL STATEMENTS

FOR THE FIRST QUARTER ENDED 31ST JULY, 2023

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CUTIX PLC

CONTENTS	PAGE
Financial Highlight	3
Statement of Profit or Loss and Other Comprehensive Income	4
Statement of Financial Position	5
Statement of Changes in Equity	6-7
Statement of Cash Flows	8
Notes to the Financial Statements	9-24
Other National Disclosure	25
Value Added Statement	26
Free Float	27

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CUTIX PLC

FINANCIAL HIGHLIGHT

FOR THE FIRST QUARTER ENDED 31ST JULY 2023

GROUP	Unaudited 31/07/2023	Unaudited	Increase/
31/07/2022	(Decrease)
				%
	N'000	N'000	N'000
Total Assets	6,976,637	5,612,890	1,363,747	24%
Total Liabilities	3,737,716	2,767,226	970,489	35%
Net Assets	3,238,921	2,845,665	393,256	14%
Capital Expenditure	11,247	183,860	(172,613)	-94%
Paid-up Share Capital	1,761,322	1,761,322	-	0%
Total Equity	3,238,921	2,845,665	393,256	14%
No. of Shares in Issue	3,522,644	3,522,644	-	0%
Revenue	2,173,215	1,914,378	258,837	14%
Profit Before Taxation	105,835	141,203	(35,368)	-25%
Taxation - Income Tax	(34,864)	(45,185)	10,321	-23%
Profit After Taxation	70,971	96,018	(25,047)	-26%
Per Share Data:
Earnings per share - Actual (kobo)	2.01	3	(1)	-26%
Earnings per share - Adjusted (kobo)	2.01	3	(1)	-26%
Total assets per share (kobo)	198	159	39	24%
Share price (Kobo)	249	240	9	4%

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CUTIX PLC

CONSOLIDATED AND SEPARATE STATEMENT OF COMPREHENSIVE INCOME

FOR THE FIRST QUARTER ENDED 31ST JULY 2023

						Group				Company
			Ist quarter			Ist quarter	3 months	Audited	Ist quarter		Ist quarter	3 months	Audited
			ended	3 months		ended	1/5/22-	May'21-	ended	3 months 1/5/22-	ended	1/5/22-		May'21-
			31/07/2023	1/5/23-31/7/23	31/07/2022	31/7/22	April'23	31/07/2023	31/7/23	31/07/2022	31/7/22		April'23
	Notes		N'000	N'000		N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Revenue	6		2,173,215	2,173,215	1,914,378	1,914,378	9,248,003	2,172,800	2,172,800	1,913,822	1,913,822		9,225,071
Cost of Sales	7		(1,734,631)	(1,734,631)		(1,511,646)	(1,511,646)	(6,961,650)	(1,733,472)	(1,733,472)	(1,510,111)	(1,510,111)		(6,946,005)
Gross Profit			438,584	438,584	402,731	402,731	2,286,353	439,328	439,328	403,712	403,712		2,279,066
Selling and
Distribution	8		(51,055)	(51,055)	(35,877)	(35,877)	(137,047)	(51,044)	(51,044)	(35,868)	(35,868)		(136,649)
Administrative
Expenses	9		(207,099)	(207,099)		(184,858)	(184,858)	(855,273)	(204,739)	(204,739)	(183,186)	(183,186)		(846,236)
Operating (Loss)/ Profit		180,431	180,431		181,997	181,997	1,294,033	183,546	183,546	184,658	184,658		1,296,181
Other Income	10		1,525	1,525	4,665	4,665	79,698	1,525	1,525	4,665	4,665		79,698
Finance Cost	11		(76,121)	(76,121)		(45,459)	(45,459)	(182,211)	(76,121)	(76,121)	(45,459)	(45,459)		(182,211)
Profit Before Tax	12		105,835	105,835		141,203	141,203	1,191,520	108,950	108,950	143,864	143,864		1,193,668
Income Tax Expense	13		(34,864)	(34,864)		(45,185)	(45,185)	(401,535)	(34,864)	(34,864)	(46,036)	(46,036)		(401,535)
Profit for the Year			70,971	70,971		96,018	96,018	789,985	74,086	74,086	97,827	97,827		792,132
Other Comprehensive Income
Goodwill written off								-						-
Total Comprehensive Income for the year
Total Comprehensive Income		70,971	70,971		96,018	96,018	789,985	74,086	74,086	97,827	97,827		792,132
Earnings per Share (Kobo) - B	2.0	2.0	3	3	22.43	2.1	2.1	3	3		22.49

The notes to the financial statements form an integral part of these financial statements.

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CUTIX PLC
CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION
AS AT 31ST JULY, 2023
				Group			Company
		Unaudited as		Unaudited as at	Audited as at	Unaudited as at		Unaudited as	Audited as at
		at 31/7/2023	31/7/2022	30/4/2023		31/7/2023		at 31/7/2022	30/4/2023
Assets:	Note	N'000		N'000 N'000	N'000		N'000	N'000
Non-Current Assets
Property, Plant and Equipment	14	1,042,783	1,182,280	1,090,727		917,213	1,054,955		964,723
Intangible Assets	15	1,138	2,656	1,517		1,138	2,656		1,517
Long Term Prepayments	16	24,109	7,225	37,120		24,109	7,225		37,120
Investment	17				-		98,576		134,421		107,538
Total Non-Current Assets		1,068,029	1,192,161	1,129,364		1,041,035	1,199,256		1,110,898
Current Assets
Inventories	18	3,099,446	2,626,551	2,983,499		3,066,036	2,578,333		2,954,063
Trade and other Receivables	19	2,178,812	1,627,482	1,553,103		2,200,130	1,626,598		1,565,008
Other Prepayments	20	63,373	29,299	53,616		63,373	24,003		53,616
Cash and Bank Balances	21.1	566,976		137,397	122,422		558,010		124,166		113,205
Total Current Assets		5,908,607		4,420,730	4,712,640		5,887,549		4,353,100		4,685,894
Total Assets		6,976,637	5,612,890	5,842,004		6,928,583	5,552,356		5,796,790

Equity and Liabilities

Equity:

Capital and Reserves

Share Capital	23
Retained Earnings	24

Total equity attributable to owners of the Company

1,761,322	1,761,322	1,761,322	1,761,322	1,761,322	1,761,322
1,477,599		1,084,343	1,406,628		1,545,565		1,149,702		1,471,479
3,238,921	2,845,665	3,167,950	3,306,887	2,911,024	3,232,801

Liabilities:
Non-Current Liabilities
Deferred Tax Liabilities	13.3	235,919	214,267	235,918	231,837	209,979	231,837
Borrowings	25	748,150		-	-		748,150		-	-
Total Non-Current Liabilities		984,069	214,267	235,918	979,987	209,979	231,837
Current Liabilities
Short Term Borrowings	26	1,369,150	1,205,726	1,303,228	1,369,150	1,163,271	1,303,228
Trade and other Payables	22	1,017,575	996,169	754,956	905,638	917,018	648,972
Current Tax Liabilities	13.1	366,921		351,064	379,952		366,921		351,064		379,952
Total Current Liabilities		2,753,647		2,552,959	2,438,136		2,641,709		2,431,352		2,332,152
Total Liabilities		3,737,716		2,767,226	2,674,054		3,621,696		2,641,331		2,563,989
Total Equity and Liabilities		6,976,637	5,612,890	5,842,004	6,928,583	5,552,356	5,796,790

The Financial Statements on pages 4 to 8 and Notes to the Financial Statement on pages 9 to 24 were approved by the Board of Directors on August 24, 2023 and signed on its behalf by:

Amb. Okwudili Nwosu	Mrs. Ijeoma Oduonye	Mrs Jane Nwabueze
Chairman	Chief Executive Officer	Chief Financial Officer
FRC/2019/NSE/00000019801	FRC/2016/ICSAN/00000015363	FRC/2021/001/00000025337

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