In spite of a 29 percent increase in turnover which rose to N2.32 billion in March 2019 from N1.80 billion same period in 2018, University Press recorded lower profit after tax for the period ended March 31, 2019. Its PAT fell to N109 million as against N207.4 million in 2018.
Gross profit increased by 13.7 percent to N1.26 billion from N1.11 billion in comparable period in 2018. But with more marketing and distribution expenses as well as administrative expenses incurred in the last financial year, operating profit declined by as much as 57.3 percent.
University Press incurred N513.46 million as operating cost in 2019, higher than N413.5 million incurred for the same purpose in 2018 by 24.15 percent. Administrative expenses rose by 32.7 percent to N647.8 million last year up from N488.2 million in corresponding period in 2018.
The nation’s publishing sub sector grew by 12.53 percent in the first quarter of 2018.
Thereafter, activities in the sub sector significantly declined as in the second, third and last quarters of 2018, the publishing sub sector grew by 3.38 percent, 4.32 percent and 3.76 percent respectively. In full year 2018, publishing sub sectoral GDP rose by 6.03 percent. In the first quarter of 2019, the sub sector posted -0.07 percent growth.
University Press is owned by Oxford University Press, UK and Nigerians as the former controls 13.21 percent stake while the latter control 86.79 percent.
“The directors recommend a dividend of 15k (2018 : 15k) per ordinary share of 50 kobo each amounting to N64,711,426 to be paid to shareholders subject to approval at the Annual General Meeting. The proposed dividend is subject to withholding tax and is payable on 26 September, 2019 to shareholders whose names appear on the Register of Members as at close of business on 30 August 2019”, University Press stated in its 2018 audited report.
TELIAT SULE
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