UPPLC grows revenue by 65 per cent, pays 10kobo dividend

The University Press Plc has grown its revenue for the 2021/2022 financial year by 65 per cent to N2.305 billion, just as the board approved a N0.10k dividend to shareholders, thus sustaining a tradition of paying dividends annually for the last 32 years.

This was disclosed by the chairman of the company, Mr Obafunso Ogunkeye, during the 44th Annual General Meeting (AGM) of the publishing outfit on Thursday, in Ibadan.

Mr Ogunkeye said the company was able to overcome the challenges of the COVID-19 outbreak and record better financial results for the year under review.

He promised that the company would perform even better during the next financial year, despite the challenging business environment it is working in.

The chairman was corroborated by the managing director of the company, Mr Samuel Kolawole, who said the company would continue to work towards boosting its revenue and delivering dividends to shareholders, and royalties to authors.

The AGM also witnessed the re-election of three directors, Mr Ayodeji Olorunda, Mr Yomi Aremu Adewusi and Mr Olayinka Lawal, while five others, Queen Josephine Diete-Spiff, Mr Olayinka Lawal, Mr Temitope Oduniyi, Mr Ayuba Quadri Yemi and Mr Ibiyemi Kolawole, were elected as members of the Audit Committee.

While speaking, a representative of shareholders, Mrs Bisi Bakare, commended the management and board for the encouraging results, saying that was the company’s best financial result in the last four years.

She, however, charged the board to look at ways of increasing the dividends going to the high inflation currently being experienced in the country.

She also urged the company to look at giving share bonuses, saying it was a long time since it gave share bonuses to shareholders.

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