Mutual Benefits Assurance reports impressive FY’14 profit

… Academy Press in N25.522million loss after tax

Also at the Nigerian Stock Exchange (NSE) Mutual Ben- efits Assurance plc released its statement of profit or loss and other comprehensive income for the year ended December 31, 2014.

The group’s gross premium written rose to N15.451billion from N8.125billion in 2013, in- dicating 90.16 percent increase.

Profit before tax (PBT) appreciated to N4.526billion from N911.075million, an increase of about 396.83percent; while profit after tax (PAT) rose to N4.099billion from N555.750million, indi- cating an increase of about 637.59percent.

The group’s Basic earnings per share also rose to 51.24kobo from 6.95kobo.

In the same vein, Academy Press plc released its consolidated financial statements for the year ended March 31, 2015. T

he group recorded revenue declined by 2 percent to N2.310billion, from N2.347billion in 2013.

Academy Press plc carries on business as printers of educational and general books, and commercial printing of diaries, labels, calendars, periodicals, an- nual reports, confidential and other printing.

Report of the directors of Academy Press plc issued at the NSE stated, “the busi- ness progress was negatively affected by several external factors amongst which were the Ebola scourge, the consequences of the Naira devaluation, the lingering security concern of Boko Haram in North Eastern Nigeria and the initial un- certainties as holding the national elections. Reve- nues were limited and cost of operation rose during the period as a result of the devaluation of the Naira.”

“The company adopted cost saving measures to sustain the business while implementing strategies to increase its share of revenue of the market in the indus- try. This direction is being sustained and is expected to turn around the results positively in the current fi- nancial year”, the directors stated.

Academy Press group recorded loss before taxa- tion at N9.680million from a profit before tax of N82.624million in 2013, indicating a decline of 112percent; while loss after taxation stood at N25.522million from a profit after taxation of N90.273million; a decline of about 128percent.

The company’s basic earnings per 50k share dropped to 5kobo from 18kobo in 2013, a decline of 28percent.

The directors do not recommend declaration of a dividend in view of the downturn in the fortune of the company and the need to strengthen its working capital position.

Dividend of 8 kobo per share (total dividend N40.320million) was declared and paid by the company in respect of 2013/2014 financial year.