Cutix Plc has posted its first annual loss in years after surging borrowing costs erased operating gains, underscoring the pressure Nigeria’s high-interest-rate environment continues to exert on manufacturers.
The electrical cables manufacturer reported a loss before tax of N47.9 million for the financial year ended April 30, 2026, a sharp reversal from the N1.62 billion profit recorded a year earlier. Profit after tax also swung to a loss of N47.9 million from N1.13 billion in the preceding year.
The unaudited group financial statements filed with the Nigerian Exchange Group (NGX) show that revenue declined 6.4 percent to N14.77 billion from N15.77 billion, weighed down primarily by lower cables and wire sales, which fell to N9.91 billion from N11.81 billion.
Armoured cable sales also contracted to N2.63 billion from N3.90 billion. Partly cushioning the decline was a notable jump in metal product sales, from N54.2 million to N1.81 billion, suggesting a
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