Following about two years of holding its Annual General Meeting (AGM) virtually due to the restrictions put in place to tackle the Coronavirus disease (COVID-19), publishing firm, University Press (UP) Plc, on Thursday welcomed its shareholders physically for the 45th AGM in Ibadan, Oyo State.
The company also continued its tradition of paying dividends every year, with the payment of 10 Kobo for the 2022/2023 financial year.
The payment marked an improvement in the N.5 kobo dividend paid for the 2021/2022 financial year.
Speaking during the AGM, chairman of the company, Mr Obafunso Ogunkeye, said the year in review was quite challenging for the company going by happenings locally and internationally.
He said the company started on a promising note, but as the year progressed, the economic conditions caused high levels of inflation which stifled revenue generation activities.
Mr Ogunkeye said: “The Central Bank of Nigeria’s naira redesign/swap policy and preparation towards the general election significantly impacted our performance.
“All these resulted in a six percent reduction in the company’s turnover when compared with the 2021/2022 fiscal year.
“The company’s turnover for 2022/2023 was N2.2 billion and the profit after tax was N142.3 million, a 31 percent decrease when compared with the previous year.”
The chairman added further that, “considering the company’s performance, the board is recommending a dividend of N.10kobo per share or N43 million for the 2022/2023 financial year.”
The Managing Director, Mr Samuel Kolawole, while also highlighting the challenges facing the firm, said: “The company will continue to respond to the challenges identified and prepare for unexpected ones that may emerge down the line.
‘We see a good future for the company, even in the midst of all the challenges. We intend to continue to innovate, manage our costs and be lean and efficient in the running of the company to ensure that we are able to improve our performance..”
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