University Press Plc, a leading Nigerian publishing company, has announced a 14% increase in revenue to N3.895 billion for the year ending March 31, 2026, up from N3.402 billion in the previous year. The company's chairman, Obafunso Ogunkeye, revealed this information at the 48th Annual General Meeting held in Ibadan, Oyo State. He attributed the growth to strong demand for primary education titles and a good performance by the Northern Zone despite security challenges.
The company's profit after tax for the year was N213.7 million, down from N450.6 million in the previous year. Obafunso Ogunkeye cited high energy and transport costs, elevated interest rates, and security concerns as factors that increased operating costs and weakened purchasing power. Marketing and distribution expenses rose to N775.7 million from N694.7 million due to higher transport and sales costs and expanded market coverage.
Despite the challenges, the company's administrative expenses remained unchanged at approximately N1.134 billion, reflecting management's efforts to contain overheads. Obafunso Ogunkeye noted that profit from operations was N338.2 million, compared with N541.3 million in the previous year, while profit before tax declined to N389.5 million from N619.7 million.
The reduction in profit was attributed to exceptional other income recognized in the previous year, principally from asset disposals. Other income was N56.9 million, compared with N404.9 million in the previous year. The company also recorded a fair value gain of N58.7 million on investment property and finance income of N51.4 million.
University Press Plc's Managing Director and Chief Executive Officer, Samuel Kolawole, highlighted the company's financial performance, noting that it remained largely debt-free and closed the year with cash and cash equivalents of approximately N950 million. The company's balance sheet remained resilient, with total equity increasing to approximately N3.54 billion from N3.41 billion in the previous year.
Samuel Kolawole emphasized that the company's results reflected a business with growing revenue and strong market acceptance, but one operating within an exceptionally difficult cost environment. He assured that management would continue to earn market trust through the quality, relevance, and availability of its publications.
The company aims to strengthen its position and create new revenue opportunities that would enable authors, shareholders, and other stakeholders to receive fair value from the content created and published. With a growing revenue and strong market presence, University Press Plc is poised to continue playing a significant role in Nigeria's education sector.
Key points
- University Press Plc reports 14% revenue growth to N3.895 billion for the year ending March 31, 2026.
- The company's profit after tax for the year was N213.7 million, down from N450.6 million in the previous year.
- University Press Plc remains largely debt-free with cash and cash equivalents of approximately N950 million.
