The story of Cutix Plc is a very fascinating one for many reasons. In 1991 when I started covering the stock market, Cutix was one of the over 10 indigenous companies listed in the second-tier section of the Nigerian Stock Exchange to showcase what was possible.
Although Cutix’s start-up capital after private placement by 18 shareholders in mid-1983 was N400,000, the company was valued at N8.595 billion as of April 30, 2022. More so, its annual profit before tax has increased consistently over the years such that an N10,000 investment in Cutix in 1983 is worth N89.1million as of October 31, 2022.
By tenets, he meant the company’s mission to be a very profitable, fast-growing, high-quality, ethical, and socially responsive company. It also set out to rapidly exploit emerging technologies and capabilities in product improvement and diversification, use mainly Nigerian manpower and local resources, and use chiefly internally-generated funds to grow and provide returns fairly to all stakeholders.
“From incorporation to the beginning of commercial production was approximately two years. So we want to remember when the company was born, which was on November 4, 1982, and then link it to the commercial production, which was in May 1984. So, we are going to go through the period from the birth of the company, which is the incorporation to the actual viability and commercial nature of the company. Because by the time the company was incorporated in 1982, we had not fully started operations.
Apart from its utilisation of local talent and resources, the company has positioned itself as an inclusive organisation, having a female Mrs Ijeoma Oduonye as the Chief Executive Director. “A tree does not make a forest. If we were so many in Nigeria, we wouldn’t be talking about insecurity and so many things. That’s what makes me sad that after 40 years of labouring to make this country better, we haven’t been able to do it because we’re alone. All the other companies that started with us are no longer in existence.”“A lot of people are selfish.
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