Kayode Tokede
Managing Director and Chief Executive Officer (MD/CEO) of Cutix Plc, Mrs. Ijeoma Oduonye, has said the company has proven to be the best-kept secret stock of the Nigerian stock market and a must have in every investment portfolio because of its remarkable performance and returns to shareholders over the years.
Oduonye declared this while commenting on the company’s performance at the “Facts Behind the Figures” programme at the Nigerian Exchange Limited (NGX) as part of activities to mark the 40th anniversary celebration of the company.
In her speech, she described Cutix as, “A quintessential stock and the best example of a well-managed indigenous company in Nigeria as its performance history showed that it outperformed the overall NGX market in return by over seven times.”
The company made returns on investment of 185,000 per cent compared to the Nigerian All-share index of 22,870 per cent.
She said the company was able to achieve this remarkable performance despite the turbulent macroeconomic environment, influx of sub-standard cables and wires, unavailability of forex, unfriendly government policies, multiplicity of taxes, port congestion and dearth of qualified technical manpower.
She explained that the company’s annual profit after tax has increased consistently over the years as well as the value of annual dividends received by investors, adding that the company has also declared bonus issues almost every three years in the ratio of one for one, one for two, and one for three and with most of the declarations being one for one.
Oduonye remarked that because dividends have been declared every year since 1989 till date, consequently, N1,040 invested on behalf of a new baby 35 years ago would have grown to N1,925,042.88 today.
