DESPITE the negative impact of the economic challenges on its business, the board of University Press Plc has assured its shareholders of return to profitability.
Speaking at the company’s Annual General Meeting (AGM) in Ibadan at the weekend, the Managing Director/Chief Executive Officer of University Press Plc, Mr Samuel Kolawole, assured shareholders that the company will pull through the economic challenges and return to profitability in no distant future.
He said: “The effects of the Federal Government’s twin policies of floating the exchange rate of the naira and the withdrawal of subsidy on petroleum products threw the economy into a tailspin of unprecedented difficulties.
“While these policies were well-intended and could give rise to positive outcomes in the future, they have had devastating effects on the operations and profitability of many hitherto successful companies in Nigeria.
“While our company managed to improve on its year-on-year performance in terms of turnover despite the serious challenges, the bottom line was negatively impacted by the unprecedented fall in the value of the country’s currency, the naira. This resulted in our company declaring a loss.”
The Chairman of the company, Obafunso Ogunkeye, noted that despite the challenges, the company has recorded a turnover of N2.63 billion for the fiscal year 2023/2024, marking a significant increase of 21 percent compared to the previous year’s N2.16 billion.
The growth, according to him, was a testament to the company’s sales strategies and the enduring dandy for its products, particularly in the educational sector, which continues to drive its revenue.
Ogunkeye further noted that the financial landscape was not without its hurdles. The company incurred a loss of N157.73 million after tax for the year, largely due to foreign exchange loss of N388.20 million in the amount owed to one of its foreign suppliers as of March 31, 2024.
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